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<SEC-DOCUMENT>0001104659-07-017773.txt : 20070309
<SEC-HEADER>0001104659-07-017773.hdr.sgml : 20070309
<ACCEPTANCE-DATETIME>20070309152038
ACCESSION NUMBER:		0001104659-07-017773
CONFORMED SUBMISSION TYPE:	PRE 14A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20070426
FILED AS OF DATE:		20070309
DATE AS OF CHANGE:		20070309

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOUTHERN COPPER CORP/
		CENTRAL INDEX KEY:			0001001838
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				133849074
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14066
		FILM NUMBER:		07684255

	BUSINESS ADDRESS:	
		STREET 1:		11811 NORTH TATUM BLVD
		STREET 2:		SUITE 2500
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85028
		BUSINESS PHONE:		(602) 977-6595

	MAIL ADDRESS:	
		STREET 1:		11811 NORTH TATUM BLVD
		STREET 2:		SUITE 2500
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85028

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOUTHERN PERU COPPER CORP/
		DATE OF NAME CHANGE:	19960726

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOUTHERN PERU COPPER HOLDING CO
		DATE OF NAME CHANGE:	19951006
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>a07-6241_1pre14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<html>

<head>







</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;">SCHEDULE 14A</font></b></p>

<p align="center" style="margin:0pt 0pt 10.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proxy Statement
Pursuant to Section&nbsp;14(a)&nbsp;of<br>
the Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->Filed by the Registrant&nbsp;&nbsp;<font face="Wingdings">o</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed by a Party other than the
  Registrant&nbsp;&nbsp;</font><font face="Wingdings">o</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate
  box:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:96.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preliminary Proxy Statement</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:96.3%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Confidential, for Use of the Commission Only (as
  permitted by Rule&nbsp;14a-6(e)(2))</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:96.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Definitive Proxy Statement</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:96.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Definitive Additional Materials</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:96.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Soliciting Material Pursuant to &#167;240.14a-12</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">Southern
  Copper Corporation</font></b><!-- SET mrlNoTableShading --></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name of
  Registrant as Specified In Its Charter)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name of
  Person(s)&nbsp;Filing Proxy Statement, if other than the Registrant)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payment of Filing Fee (Check the appropriate box):</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="95%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:95.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No fee required.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="95%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:95.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fee computed on table below per Exchange Act
  Rules&nbsp;14a-6(i)(1)&nbsp;and&nbsp;0-11.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title of each class of securities to which
  transaction applies:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:92.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:92.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aggregate number of securities to which transaction
  applies:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:92.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:92.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Per unit price or other underlying value of
  transaction computed pursuant to Exchange Act Rule&nbsp;0-11 (set forth the
  amount on which the filing fee is calculated and state how it was
  determined):</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:92.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:92.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proposed maximum aggregate value of transaction:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:92.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:92.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total fee paid:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:92.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="95%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:95.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fee paid previously with preliminary materials.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="95%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:95.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check box if any part of the fee is offset as
  provided by Exchange Act Rule&nbsp;0-11(a)(2)&nbsp;and identify the filing
  for which the offsetting fee was paid previously. Identify the previous
  filing by registration statement number, or the Form&nbsp;or Schedule and the
  date of its filing.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amount Previously Paid:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:92.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="92%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:92.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form, Schedule or Registration Statement No.:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:92.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="92%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:92.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filing Party:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:92.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="92%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:92.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date Filed:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:92.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="30" style="border:none;"></td>
  <td width="26" style="border:none;"></td>
  <td width="3" style="border:none;"></td>
  <td width="689" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>


<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman"><img width="220" height="46" src="g62411cai001.gif"></font></p>

<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;29, 2007</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear
Common Stockholder:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You are cordially invited to attend the annual meeting
of stockholders, which will be held at Baja California No.&nbsp;200, Fifth
Floor, Colonia Roma Sur, Mexico City, Mexico, on Thursday, April&nbsp;26, 2007,
at 9:00&nbsp;A.M., Mexico City time. We hope you can be with us.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At the meeting, you will be asked to elect fourteen
directors, to approve an amendment to our by-laws, and to ratify the selection
of PricewaterhouseCoopers S.C. as our independent accountants.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The meeting also provides you with an opportunity to
review our activities and our plans and prospects for the future.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is important that your shares be represented at the
meeting whether or not you are able to attend in person. Therefore, you are
asked to vote, sign, date, and mail the enclosed proxy card. Please do so
today. In Peru, you may deliver your signed proxy card to our offices in Lima,
Ilo, Toquepala, and Cuajone. In Mexico, you may deliver your signed proxy card
to our offices in Mexico City.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.4%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:33.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:24.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="33%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:33.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-weight:bold;"><img width="216" height="43" src="g62411cai002.jpg" alt="GRAPHIC"></font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="24%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:24.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-weight:bold;"><img width="156" height="61" src="g62411cai003.jpg" alt="GRAPHIC"></font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:33.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Germ&#225;n Larrea Mota-Velasco</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:24.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Oscar Gonz&#225;lez Rocha</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:33.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman of the Board</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:24.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:33.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:24.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Officer</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">11811
North Tatum Blvd., Suite 2500, Phoenix, AZ 85028</font></b><b><font style="font-weight:bold;">, </font>TEL
(602)&nbsp;494-5328<br>
Avenida Caminos del Inca No.&nbsp;171, Chacarilla del Estanque, Santiago de
Surco, Lima 33, Peru<br>
TEL (511)&nbsp;512-0440, ext. 3312 (Spanish), ext.&nbsp;3325 (English)</b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Baja
California No.&nbsp;200, Fifth Floor, Colonia Roma Sur, Mexico City, Mexico</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TEL (52-55) 5080-0050, Ext. 7364</font></b></p>


<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.38%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="35%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:35.92%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">11811
  North Tatum Blvd., Suite 2500, Phoenix, AZ 85028</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.88%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.82%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Avenida Caminos del Inca No.&nbsp;171,<br>
  Chacarilla del Estanque, Santiago de Surco,<br>
  Lima 33, Peru</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOTICE OF ANNUAL MEETING OF
STOCKHOLDERS<br>
To Be Held on April&nbsp;26, 2007</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the Common Stockholders of Southern Copper
Corporation:</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The annual meeting of
stockholders of Southern Copper Corporation will be held at Baja California
No.&nbsp;200, Fifth Floor, Colonia Roma Sur, Mexico City, Mexico, on Thursday,
April&nbsp;26, 2007, at 9:00&nbsp;A.M., Mexico City time, for the following
purposes:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 40.0pt;page-break-after:avoid;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To elect our fourteen
directors, who will serve until the 2008 annual meeting;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 40.0pt;page-break-after:avoid;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To amend our by-laws
to eliminate the provisions that have been made extraneous or inconsistent with
our Amended and Restated Certificate of Incorporation, as amended, as a result
of the elimination of our Class A Common Stock;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 40.0pt;page-break-after:avoid;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To ratify the
selection by the Audit Committee of the Board of Directors of
PricewaterhouseCoopers S.C. as our independent accountants for calendar year
2007; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 40.0pt;page-break-after:avoid;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To transact such other
business as may properly come before the meeting.</p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stockholders of record at
the close of business on March&nbsp;23, 2007 (the &#147;record date&#148;) will be
entitled to vote at the annual meeting. Stockholders of record who attend the
annual meeting in person may withdraw their proxies and vote in person if they
wish.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.64%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By order of the Board of Directors,</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ ARMANDO ORTEGA G&#211;MEZ</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:47.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Armando Ortega G&#243;mez,<br>
  <i>Secretary</i></font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Phoenix,
  Arizona, March&nbsp;29, 2007</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Your Vote is Important<br>
Please mark, sign, date and return your enclosed proxy card</font></b></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PROXY STATEMENT</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This proxy statement is furnished as part of the
solicitation by the Board of Directors of Southern Copper Corporation (&#147;SCC&#148;, &#147;us&#148;,
&#147;our&#148;, or the &#147;Company&#148;), 11811 North
Tatum Blvd., Suite 2500, Phoenix, AZ 85028, USA, and Avenida Caminos del
Inca No.&nbsp;171, Chacarilla del Estanque, Santiago de Surco, Lima 33, Peru,
of the proxies of all holders of common stock (the &#147;Common Stockholders&#148; or &#147;you&#148;)
to vote at the annual meeting to be held on April&nbsp;26, 2007, and at any
adjournment thereof. This proxy statement and the enclosed form of proxy are
being mailed commencing on or about March&nbsp;29, 2007<b>,</b> to the Common Stockholders of record on
March&nbsp;23, 2007. Additional copies will be available at our offices in the
United States, Lima and other locations in Peru.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any proxy in the enclosed form given pursuant to this
solicitation and received in time for the annual meeting will be voted with
respect to all shares represented by it and in accordance with the
instructions, if any, given in such proxy. If we receive a signed proxy with no
voting instructions given, such shares will be voted for the proposal to elect
directors, for approval of the amendment to our by-laws, and for the proposal to
ratify the selection by the Audit Committee of the Board of Directors of
PricewaterhouseCoopers S.C. (&#147;PwC&#148;), as our independent accountants for the
calendar year 2007. Any proxy may be revoked at any time prior to the exercise
thereof by notice from you, received in writing by our Secretary, or by written
ballot voted at the meeting or by delivery of a later dated proxy card.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our outstanding shares consist of Common Stock, par
value $0.01 per share (the &#147;Common Stock&#148;). At the close of business on
March&nbsp;23, 2007 we had outstanding 294,461,250 shares of Common Stock. Each
share of Common Stock outstanding on March&nbsp;23, 2007, the record date for
the annual meeting, is entitled to vote at the meeting. Each share of Common
Stock is entitled to one vote.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VOTING SECURITIES</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Amended and Restated Certificate of Incorporation,
as amended (our &#147;Certificate&#148;), provides that the number of Directors shall be
fixed from time to time by resolution of a majority of the Board of Directors,
provided that the number of directors shall not be less than six or more than
fifteen. The Board of Directors at its meeting held on January&nbsp;25, 2007
fixed the number of directors at fourteen. The directors are elected by the
Common Stockholders, with each share of Common Stock outstanding at the
March&nbsp;23, 2007 record date entitled to one vote at the annual meeting.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A plurality of the votes cast by you is required for
the election of the fourteen directors. Abstentions and broker non-votes are
counted for quorum purposes but are not counted either as votes cast &#147;For&#148; or &#147;Against&#148;
any nominee. A broker &#147;non-vote&#148; occurs when a broker submits a proxy card with
respect to shares of Common Stock held in a fiduciary capacity (typically
referred to as being held in &#147;street name&#148;) but declines to vote on a
particular matter because the broker has not received voting instructions from
the beneficial owner.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The proposal to amend our by-laws to eliminate the
provisions that have been made extraneous or inconsistent with our Certificate,
as a result of the elimination of our Class A Common Stock, will be adopted
upon the affirmative vote of 80% of the voting power of all shares of Common
Stock entitled to vote.&#160; Abstentions and
broker non-votes will have the same effect as a vote &#147;Against&#148; the foregoing
proposal to amend our by-laws.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The affirmative vote of a majority of the votes cast
in person or by proxy at the meeting by the holders of shares of Common Stock
entitled to vote thereon is required to ratify the selection of the independent
accountants described in this proxy statement. Abstentions and broker non-votes
are counted for quorum purposes but are not counted either as votes cast &#147;For&#148;
or &#147;Against&#148; the proposal to ratify the selection of the independent
accountants described in this proxy statement.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Quorum</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.4pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our by-laws provide that the
presence in person or by proxy of the Common Stockholders of record holding a
majority of the outstanding shares of Common Stock entitled to vote at the
meeting shall constitute a quorum for purposes of electing directors and voting
on proposals other than the election of directors.</font></p>

<p style="margin:0pt 0pt 12.0pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">No Dissenters&#146; or Appraisal Rights</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stockholders who do not consent to the amendment of
our by-laws as described in this proxy statement are not entitled to assert
dissenters&#146; or appraisal rights under Section&nbsp;262 of the Delaware Business
Corporation Law.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ELECTION OF DIRECTORS</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fourteen nominees are proposed for election by you at
the annual meeting. The nominees to be voted on by you are Emilio Carrillo
Gamboa, Alfredo Casar P&#233;rez, Jaime Fernando Collazo Gonz&#225;lez, Xavier Garc&#237;a de
Quevedo Topete, Oscar Gonz&#225;lez Rocha, J. Eduardo Gonz&#225;lez F&#233;lix, Harold S.
Handelsman, Germ&#225;n Larrea Mota-Velasco, Genaro Larrea Mota-Velasco, Armando
Ortega G&#243;mez, Luis Miguel Palomino Bonilla, Gilberto Perezalonso Cifuentes,
Juan Rebolledo Gout, and Carlos Ruiz Sacrist&#225;n. All of the nominees are
currently serving as directors.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Certificate requires the Board of Directors to
include a certain number of special independent directors. A special
independent director is a person who (i)&nbsp;satisfies the independence
standards of the New York Stock Exchange (&#147;NYSE&#148;) (or any other exchange or
association on which the Common Stock is listed) and (ii)&nbsp;is nominated by
a Special Nominating Committee of the Board of Directors.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Special Nominating Committee, composed of
Messrs.&nbsp;Luis Miguel Palomino, Carlos Ruiz Sacrist&#225;n (each a Special
Designee), and Xavier Garc&#237;a de Quevedo Topete (the Board Designee), has
nominated Messrs.&nbsp;Harold S. Handelsman, Luis Miguel Palomino Bonilla,
Gilberto Perezalonso Cifuentes, and Carlos Ruiz Sacrist&#225;n as special
independent directors.&#160; Additionally, the
Board of Directors at its meeting held on January 25, 2007 selected Mr. Emilio
Carrillo Gamboa as our fifth independent director. For further information
please see the section&nbsp;on &#147;Special Independent Directors/Special
Nominating Committee.&#148;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proxies in the enclosed form will be voted, unless
authority is withheld, for the election of the nominees named below. If any
person should be unavailable for election, proxies will be voted for another
individual chosen by the Board of Directors as a substitute for the unavailable
nominee.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOMINEES FOR ELECTION AS DIRECTORS</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following fourteen individuals have been nominated
for election to the Board of Directors.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="36%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.42%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Common Stock
  Director</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.5%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Age</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:54.3%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Position</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="36%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:36.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Germ&#225;n Larrea
  Mota-Velasco</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman of the Board and Director</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Oscar Gonz&#225;lez
  Rocha</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">68</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President, Chief Executive Officer, and Director</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Emilio Carrillo
  Gamboa</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">69</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alfredo Casar
  P&#233;rez</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jaime Fernando
  Collazo Gonz&#225;lez</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Xavier Garc&#237;a de
  Quevedo Topete</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President, Chief Operating Officer
  and Director</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J. Eduardo
  Gonz&#225;lez F&#233;lix</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President, Finance and Chief Financial Officer,
  and Director</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Harold S.
  Handelsman</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Genaro Larrea
  Mota-Velasco</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Armando Ortega
  G&#243;mez</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President, Legal, General Counsel, Secretary,
  and Director</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Luis Miguel
  Palomino Bonilla</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gilberto
  Perezalonso Cifuentes</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">64</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Juan Rebolledo
  Gout</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Carlos Ruiz
  Sacrist&#225;n</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">57</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Germ&#225;n
Larrea Mota-Velasco,</font></i>&nbsp;&nbsp; Director. Mr.&nbsp;Larrea
has been Chairman of the Board since December&nbsp;1999, Chief Executive
Officer from December&nbsp;1999 to October&nbsp;2004, and a director of the
Company since November&nbsp;1999. He has been Chairman of the Board of
Directors, President and Chief Executive Officer of Grupo M&#233;xico S.A.B. de C.V.
(holding) since 1994. Mr.&nbsp;Larrea is also the Chairman and Chief Executive
Officer of Americas Mining Corporation (&#147;AMC&#148;) (mining division) since 2003.
Mr.&nbsp;Larrea has been Chairman of the Board of Directors and Chief Executive
Officer of Grupo Ferroviario Mexicano (railroad division) since 1997.
Mr.&nbsp;Larrea was previously Executive Vice Chairman of Grupo M&#233;xico S.A.B.
de C.V., and has been member of the Board of Directors since 1981. He is also
Chairman of the Board of Directors and Chief Executive Officer of Empresarios
Industriales de M&#233;xico (holding), Perforadora M&#233;xico (drilling company), M&#233;xico
Compa&#241;ia Constructora (construction company), Fondo Inmobiliario (real estate
company), since 1992. He founded Grupo Impresa, a printing and publishing
company in 1978, remaining as the Chairman and Chief Executive Officer until
1989 when the company was sold. He is also a director of Grupo Financiero
Banamex, (Citigroup) S.A. de C.V., Banco Nacional de M&#233;xico, S.A., Consejo
Mexicano de Hombres de Negocios, and Grupo Televisa, S.A. de C.V. He and
Mr.&nbsp;Genaro Larrea Mota-Velasco are brothers.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Oscar
Gonz&#225;lez Rocha,</font></i>&nbsp;&nbsp; Director. Mr.&nbsp;Oscar Gonz&#225;lez
Rocha has been our Chief Executive Officer since October&nbsp;21, 2004 and its
President since December&nbsp;1999. He has been a director of the Company since
November&nbsp;1999. Previously, he was our General Director and Chief Operating
Officer from December&nbsp;1999 to October&nbsp;20, 2004.
Mr.&nbsp;Gonz&#225;lez&nbsp;has been a director of Grupo M&#233;xico S.A.B. de C.V. from
2002 to present and Managing Director of Mexicana de Cobre, S.A. de C.V. from
1986 to 1999 and of Mexicana de Cananea, S.A. de C.V. from 1990 to 1999. He has
been an alternate director of Grupo M&#233;xico S.A.B. de C.V. from 1988 to
April&nbsp;2002.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Emilio
Carrillo Gamboa,</font></i>&nbsp;&nbsp; Director. Mr.&nbsp;Emilio
Carrillo Gamboa has been a director of the Company since May&nbsp;30, 2003 and
is our fifth independent director nominee. Mr.&nbsp;Carrillo Gamboa is a
prominent lawyer in Mexico and has been a partner of the law firm Bufete
Carrillo Gamboa, S. C., a law firm specializing in corporate, financial,
commercial, and public utility issues, for the last five years. Mr.&nbsp;Carrillo
Gamboa has extensive business experience and currently serves on the boards of
many prestigious international and Mexican corporations as well as charitable
organizations. Since March&nbsp;9, 2005 he is Chairman of the Board of the
Mexico Fund,&nbsp;Inc. (NYSE&#151;msxf), a nondiversified closed-end management
investment company. He is also Chairman of the Board of Holcim-Apasco, S.A. de
C.V. (cement company). Mr.&nbsp;Carrillo was Director General of Tel&#233;fonos de
Mexico S.A. de C.V. (&#147;TELMEX&#148;) and from July&nbsp;1987 to February&nbsp;1989,
he was Mexico&#146;s Ambassador to Canada. Mr.&nbsp;Carrillo is a director of the
following companies: Grupo Modelo, S.A. de C.V. (beer brewing), Kimberly-Clark
de M&#233;xico, S.A. de C.V. (consumer products), San Luis Corporacion, S.A. de C.V.
(automotive parts), Empresas ICA Sociedad Controladora, S.A. de C.V.
(construction), Holcim Apasco, S.A. de C.V., The Mexico Fund,&nbsp;Inc., Bank
of Tokyo&#151;Mitsubishi (M&#233;xico), S.A., Gasoductos de Chihuahua, S. de R.L. de C.V.
and subsidiaries, Grupo Posadas, S.A. de C.V., and Grupo M&#233;xico S.A.B. de C.V.
and subsidiaries. He is a member of the Valuation, Contract Review and
Nominating and Corporate Governance Committees of the Mexico Fund and a member
of the Audit Committee of the following companies: Empresas ICA Sociedad Controladora,
S.A. de C.V. since 2002, Holcim-Apasco S. A. de C. V. since 2002, Grupo Modelo,
S.A. de C.V. since 2002, Kimberly-Clark de M&#233;xico, S.A. de C.V. since 2002, San
Luis Corporacion, S.A. de C.V. since 2002, The Mexico Fund,&nbsp;Inc. since
2002, Grupo M&#233;xico S.A.B. de C.V. since 2003, and Grupo Posadas since 2006.
Except for Bank of Tokyo&#151;Mitsubishi (M&#233;xico), S.A., and Gasoductos de
Chihuahua, S. de R.L. de C.V., which are private companies, the rest are public
companies listed on the Mexican Stock Exchange, and two are listed on the
NYSE:&nbsp; The Mexico Fund,&nbsp;Inc., and Empresas ICA Sociedad Controladora,
S.A. de C.V. Mr.&nbsp;Carrillo Gamboa has a law degree from the Autonomous
National University of Mexico, attended a continuous legal education program at
Georgetown University Law School, and practiced at the World Bank.</p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Alfredo
Casar P&#233;rez, </font></i><font face="Times New Roman">Director.&#160; Mr. Casar P&#233;rez has
been a director since October 26, 2006.&#160;
He has been a member of the Board of Directors of Grupo M&#233;xico </font><font face="Times New Roman">S.A.B. de C.V. </font><font face="Times New Roman">since 1997. He is also a member of the Board of Directors of Ferrocarril
Mexicano, S.A. de C.V., an affiliated company of Grupo M&#233;xico </font><font face="Times New Roman">S.A.B. de C.V.,</font><font face="Times New Roman"> since 1998 and its Chief Executive Officer since 1999.&#160; From 1992 to 1999, Mr. Casar served as Chief
Executive Officer and Member of the Board of Directors of Cia. Perforadora
Mexico and Mexico Compa&#241;&#237;a Constructora, two affiliated companies of Grupo
M&#233;xico</font><font face="Times New Roman"> S.A.B. de C.V.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>


<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.
Casar served as Project Director of ISEFI, a subsidiary of Banco Internacional
in 1991 and Executive Vice President of Grupo Costamex in 1985.&#160; Mr. Casar also worked for Bufete
Inmobiliario, Secretaria de Agricultura and El Colegio de Mexico.&#160; Mr. Casar holds a degree in Economics from
the Autonomous Technological Institute of Mexico, ITAM, and one in Industrial
Engineering from the Anahuac University.&#160;
He also holds a Master&#146;s in Economics from the University of Chicago.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Jaime
F. Collazo Gonz&#225;lez,&nbsp;&nbsp; </font></i>Director. Mr.&nbsp;Collazo
Gonz&#225;lez has been a director of
the Company since April&nbsp;28, 2004 and our Vice President, Finance and Chief
Financial Officer from April&nbsp;28, 2004 to March&nbsp;10, 2005. He has been
Director of Administration, Auditing and Information Technology of Grupo M&#233;xico
S.A.B. de C.V. since March&nbsp;2004. From 1998 to 2003, Mr.&nbsp;Collazo
Gonz&#225;lez held the position of Managing Partner of Administration and Business
Consulting, SC (a business consulting firm). Previously, he held several
positions with IBM de Mexico, S.A., the last one being Vice President and Chief
Financial Officer, prior to his retirement in 1998. He holds a Bachelor&#146;s
degree in Administration from Universidad Tecnol&#243;gica de M&#233;xico and a Master&#146;s
degree in Business Administration from Instituto Tecnol&#243;gico y de Estudios
Superiores de Monterrey.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Xavier
Garc&#237;a de Quevedo Topete,</font></i>&nbsp;&nbsp; Director.
Mr.&nbsp;Garc&#237;a de Quevedo has been a director of the Company since
November&nbsp;1999 and our Executive Vice President and Chief Operating Officer
since April&nbsp;12, 2005. He has been the President and Chief Executive
Officer of Minera Mexico, S. A. de C. V. since September&nbsp;2001 to date. He
was President of Grupo Ferroviario Mexicano, S.A. de C.V. and of Ferrocarril
Mexicano, S.A. de C.V. from December&nbsp;1997 to December&nbsp;1999, and
Managing Director of Exploration and Development of Grupo M&#233;xico, S.A.B. de
C.V. from 1994 to 1997. He has been a Director of Grupo M&#233;xico S.A.B. de C.V.
since April&nbsp;2002. Mr. Garc&#237;a de Quevedo is the Chairman of the Mining
Chamber of M&#233;xico.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">J. Eduardo
Gonz&#225;lez F&#233;lix,&nbsp;&nbsp; </font></i>Director. Mr.&nbsp;Eduardo
Gonz&#225;lez F&#233;lix has been a director of the Company and our Vice President,
Finance and Chief Financial Officer since March&nbsp;11, 2005. He has been the
President and Chief Financial Officer of the Mining Division of Grupo M&#233;xico
S.A.B. de C.V. (&#147;AMC&#148;) from January&nbsp;2004 to March&nbsp;2005 and its Chief
Financial Officer from 1999 to March&nbsp;2003. Mr.&nbsp;Gonz&#225;lez has been the
Chief Financial Officer of Minera Mexico from mid-2001 to December&nbsp;2003.
He had also headed Grupo M&#233;xico S.A.B. de C.V.&#146;s Treasury and Investor
Relations departments from 1999 to 2001. Prior to joining Grupo M&#233;xico S.A.B.
de C.V., Mr.&nbsp;Gonz&#225;lez was a Senior Associate at McKinsey&nbsp;&amp;
Company,&nbsp;Inc., heading work for clients in various countries and industry sectors.
Mr.&nbsp;Gonz&#225;lez holds two degrees from the University of Arizona in Economics
and Political Science and a Master in Business Administration in Finance and
International Business from the University of Chicago, Graduate School of
Business. He has also concluded extensive graduate studies and research in
Political Philosophy and European Union Economics at the Oxford University in
England. Mr.&nbsp;Gonz&#225;lez has also worked at the Kimberly-Clark Corporation
and at the Chicago Board of Trade.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Harold
S. Handelsman,</font></i>&nbsp;&nbsp; Director. Mr.&nbsp;Handelsman has
been a director of the Company since August&nbsp;2002 and is a special
independent director nominee. Mr.&nbsp;Handelsman has been Executive Vice
President and General Counsel of The Pritzker Organization, LLC, a private
investment firm, since 1998. Mr.&nbsp;Handelsman has also been a senior
executive officer of the Hyatt Corporation since 1978 and currently serves as
Executive Vice President of Global Hyatt Corporation, and is a director of a
number of private corporations. He received a B.A. degree from Amherst College
in 1968 and a J.D. degree from Columbia University in 1973.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Genaro
Larrea Mota-Velasco,</font></i>&nbsp;&nbsp; Director. Mr.&nbsp;Larrea
was our Vice President, Commercial from December&nbsp;1999 until April&nbsp;25,
2002, and has been a director since November&nbsp;1999. He was Managing
Commercial Director of Grupo M&#233;xico S.A.B. de C.V. from 1994 to August&nbsp;30,
2001, and has been a director of Grupo M&#233;xico S.A.B. de C.V. since 1994. He and
Mr.&nbsp;Germ&#225;n Larrea Mota-Velasco are brothers.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Armando
Ortega G&#243;mez,</font></i>&nbsp;&nbsp; Director. Mr.&nbsp;Ortega has been
our Vice President-Legal and Secretary since April&nbsp;25, 2002 and a director
since August&nbsp;2002. He has been our General Counsel since October&nbsp;23,
2003. Previously, he was our Assistant Secretary from July&nbsp;25, 2001 to
April&nbsp;25, 2002. He was General Counsel of Grupo M&#233;xico S.A.B. de C.V. from
May&nbsp;2001 to February 2007. Previously, he headed the Unit on International
Trade Practices of the Ministry of Economy of Mexico with the rank of Deputy
Vice Minister from January&nbsp;1998 to mid-May&nbsp;2001, and was negotiator
for international matters for said Ministry from 1988 to May&nbsp;2001.</p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Luis
Miguel Palomino Bonilla,&nbsp;&nbsp; </font></i>Director. Mr.&nbsp;Luis
Miguel Palomino Bonilla has been a director of the Company since March&nbsp;19,
2004 and is a special independent director nominee. Mr.&nbsp;Palomino has been
the principal and senior consultant of Proconsulta International (a financial
consulting firm) since 2003. Previously he was First Vice President and Chief
Economist, Latin America for Merrill Lynch Pierce Fenner&nbsp;&amp; Smith, New
York (investment banking) from 2000 to 2002. He was Chief Executive Officer,
Senior Country and Equity Analyst of Merrill Lynch, Peru (investment banking)
from 1995 to 2000. Mr.&nbsp;Palomino has held various positions with banks and
financial institutions as an economist, financial advisor and analyst. He has a
PhD in finance from the Wharton School of the University of Pennsylvania,
Philadelphia, and graduated from the Economics Program of the University of the
Pacific, Lima, Peru.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Gilberto
Perezalonso Cifuentes,&nbsp;&nbsp; </font></i>Director.
Mr.&nbsp;Gilberto Perezalonso Cifuentes has been a director of the Company
since&nbsp;June&nbsp;2002 and is a special independent director nominee. He is
currently Treasurer of the Asociaci&#243;n Vamos M&#233;xico A.C., consultant to the
Presidency of Grupo Televisa, S.A. and a member of its Board and its Executive
Committee. He was Chief Executive Officer of Corporacion Geo S. A. de C. V.
from February 2006 to February 2007.&#160;
Mr.&nbsp;Perezalonso was the Chief Executive Officer of Aerom&#233;xico
(Aerov&#237;as de M&#233;xico, S.A. de C.V.) from 2004 until December&nbsp;2005. From
1980 until February&nbsp;1998, Mr.&nbsp;Perezalonso held various positions with
Grupo Cifra S.A. de C.V., the most recent position being that of General
Director of Administration and Finance. From 1998 until April&nbsp;2001, he was
Executive Vice President of Administration and Finance of Grupo Televisa, S.A.
He is also a member of the investment committee of IBM de M&#233;xico. He is a
member of the advisory council of Banco Nacional de M&#233;xico, S.A. de C.V., the
board and of the investment committee of Afore Banamex, the board and of the
investment committee of Siefore Banamex No.&nbsp;1, and is a member of the
Boards of Corporacion Geo S. A. de C. V., Gigante, S.A. de C.V., International
Center for Human Development, Costa Rica, Masnegocio Co. S. de R.L. de C.V.,
and Financiera Compartamos, S.A. de C.V., SFOL. Mr.&nbsp;Perezalonso is a
member of the Audit Committee of Televisa S.A. de C.V. and Cablevision, S.A. de
C.V. Mr.&nbsp;Perezalonso has a law degree from the Iberoamerican University
and a Master&#146;s degree in Business Administration from the Business
Administration Graduate School for Central America (INCAE).
Mr.&nbsp;Perezalonso has also attended the Corporate Finance program at Harvard
University.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Juan
Rebolledo Gout,</font></i>&nbsp;&nbsp; Director. Mr.&nbsp;Rebolledo has
been a director of the Company since May&nbsp;30, 2003. Mr.&nbsp;Rebolledo has
been International Vice President of Grupo M&#233;xico S.A.B. de C.V. since 2001. He
was Deputy Secretary of Foreign Affairs of Mexico from 1994 to 2000 and Deputy
Chief of Staff to the President of Mexico from 1993 to 1994. Previously, he was
Assistant to the President of Mexico (1989-1993), director of the &#147;National
Institute for the Historical Studies of the Mexican Revolution&#148; of the
Secretariat of Government (1985-1988), Dean of Graduate Studies at the National
Autonomous University of Mexico, Political Science Department (1984-1985), and
professor of said university (1981-1983). Mr.&nbsp;Rebolledo holds a law degree
from the National Autonomous University of Mexico, an MA in philosophy from
Tulane University, and an LLM from Harvard Law School.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Carlos
Ruiz Sacrist&#225;n,</font></i>&nbsp;&nbsp; Director<i>.</i> Mr.&nbsp;Carlos Ruiz Sacrist&#225;n has been
a director of the Company since February&nbsp;12, 2004 and is a special
independent director nominee. Since November&nbsp;2001, he has been the owner
and managing partner of Proyectos Estrategicos Integrales, a Mexican investment
banking firm specialized in agricultural, transport, tourism, and housing
projects. Mr.&nbsp;Ruiz has held various distinguished positions in the Mexican
government, the most recent being that of Secretary of Communication and
Transportation of Mexico from 1995 to 2000. While holding that position, he was
also Chairman of the Board of Directors of the Mexican-owned companies in the
sector, and member of the Board of Directors of development banks.
Mr.&nbsp;Ruiz holds a Bachelor&#146;s degree in Business Administration from the
Anahuac University of Mexico City, and an MBA degree from Northwestern
University of Chicago.</p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Security Ownership of Certain
Beneficial Owners</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Set forth below is certain information with respect to
those persons who are known by us to have been, as of December&nbsp;31, 2006,
except as otherwise indicated, beneficial owners of more than five percent of
our outstanding Common Stock.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="68%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:68.8%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="27%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:27.0%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Southern&nbsp;Copper&nbsp;Corporation</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="68%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:68.8%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:12.3%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Shares&nbsp;of<br>
  Common<br>
  Stock<br>
  Beneficially<br>
  Owned</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:12.3%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Percent&nbsp;of<br>
  Outstanding<br>
  Common<br>
  Stock</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="68%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:68.8%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Americas Mining Corporation <br>
  11811 North Tatum Blvd., Suite 2500, <br>
  Phoenix, AZ 85028 (a)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.3%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">221,113,178</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.3%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">75.09</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
</table>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp;&nbsp;As a
result of a two-for-one split of the Company&#146;s outstanding Common Stock,
effective October 2, 2006, each holder of record at the close of business on
September 15, 2006 received one additional share of common stock for each share
owned.&#160; Therefore AMC currently owns
221,113,178 shares of our Common Stock.</font></p>

<p style="margin:0pt 0pt 12.0pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Beneficial Ownership of Management</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information set forth below as to the shares of
our Common Stock beneficially owned by the nominees, directors and executive
officers named in the Summary Compensation Table below and by all nominees,
directors and officers as a group is stated as of December&nbsp;31, 2006.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="70%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:70.3%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="24%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:24.94%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Southern&nbsp;Copper&nbsp;Corporation</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="70%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:70.3%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Shares&nbsp;of&nbsp;&nbsp;<br>
  Common&nbsp;Stock<br>
  Beneficially<br>
  Owned&nbsp;(a)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Percent&nbsp;of<br>
  Outstanding<br>
  Common<br>
  Stock</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="70%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:70.3%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Germ&#225;n Larrea
  Mota-Velasco(c)(e)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,200</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="70%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:70.3%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Oscar Gonz&#225;lez
  Rocha (e)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">400</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="70%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:70.3%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Emilio Carrillo
  Gamboa (e)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,600</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="70%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:70.3%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alfredo Casar
  P&#233;rez</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">400</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="70%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:70.3%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jaime Fernando
  Collazo Gonz&#225;lez (e)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">400</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="70%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:70.3%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Xavier Garc&#237;a de
  Quevedo Topete (e)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,200</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="70%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:70.3%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J. Eduardo
  Gonz&#225;lez F&#233;lix</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="70%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:70.3%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Harold S.
  Handelsman (e)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="70%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:70.3%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Genaro Larrea
  Mota-Velasco (e)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,200</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="70%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:70.3%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Armando Ortega
  G&#243;mez</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="70%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:70.3%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Luis Miguel
  Palomino Bonilla (e)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,600</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="70%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:70.3%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gilberto
  Perezalonso Cifuentes (e)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,400</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="70%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:70.3%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Juan Rebolledo
  Gout (e)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">400</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="70%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:70.3%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Carlos Ruiz
  Sacrist&#225;n (e)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,600</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="70%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:70.3%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All nominees, directors
  and officers as a group (18) individuals(d)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,560</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 20.15pt;text-indent:-20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font>&nbsp;&nbsp;&nbsp;Information with
respect to beneficial ownership is based upon information furnished by each
nominee, director or officer. Except as noted below, all nominees, directors
and officers have sole voting and investment power over the shares beneficially
owned by them.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 20.15pt;text-indent:-20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font>&nbsp;&nbsp;&nbsp;Less than 0.5%.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 20.15pt;text-indent:-20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font>&nbsp;&nbsp;&nbsp;Mr.&nbsp;Larrea
disclaims beneficial ownership over our shares owned by AMC, which in turn is
controlled by Grupo M&#233;xico &#160;&#160;S.A.B. de
C.V.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 20.15pt;text-indent:-20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font>&nbsp;&nbsp;Includes 160 shares of
Mr.&nbsp;Jos&#233; N. Chirinos, our Comptroller.</p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 20.15pt;text-indent:-20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 20.15pt;text-indent:-20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>As a result of a
two-for-one split of the Company&#146;s outstanding Common Stock, effective October
2, 2006, each holder of record at the close of business on September 15, 2006
received one additional share of common stock for each share owned.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the following information is provided in
satisfaction of applicable rules&nbsp;of the Securities and Exchange Commission
(&#147;SEC&#148;). Grupo M&#233;xico S.A.B. de C.V. (&#147;Grupo Mexico&#148;) is a Mexican corporation
with its principal executive offices located at Baja California 200, Colonia
Roma Sur, 06760 Mexico City, Mexico. Grupo Mexico&#146;s principal business is to
act as a holding company for shares of other corporations engaged in the
mining, processing, purchase and sale of minerals and other products and
railway services. Grupo Mexico shares are listed on the Mexican Stock Exchange.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The largest shareholder of Grupo Mexico is Empresarios
Industriales de Mexico, S.A. de C.V., a Mexican corporation (&#147;EIM&#148;). The principal
business of EIM is to act as a holding company for shares of other corporations
engaged in a variety of businesses including mining, construction, real estate
and drilling. The Larrea family, including Mr.&nbsp;Germ&#225;n Larrea, directly
controls the majority of the capital stock of EIM and directly and indirectly
controls a majority of the votes of the capital stock of Grupo Mexico.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="78%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:78.56%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Director/Officer</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:16.68%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Beneficial<br>
  Ownership<br>
  of&nbsp;Grupo&nbsp;Mexico&nbsp;Shares</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="78%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:78.56%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Oscar Gonz&#225;lez
  Rocha (a)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:16.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">668,209</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.56%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alfredo Casar
  P&#233;rez</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">719,188</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.56%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Genaro Larrea
  Mota-Velasco</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29,040,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.56%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Remigio Martinez
  Muller</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27,697</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.56%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vidal Muhech Dip</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.56%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Armando Ortega
  G&#243;mez</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,561</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.56%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Juan Rebolledo
  Gout</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.56%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.56%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.68%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,529,655</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) Mr.
Oscar Gonz&#225;lez Rocha has the right to acquire 298,355 additional Grupo Mexico
shares within two years under Grupo Mexico&#146;s stock purchase plans.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.4pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as set forth above, and to our knowledge, none
of the nominees, directors and executive officers named in the Summary
Compensation Table beneficially own any equity security of Grupo Mexico.</font></p>

<p style="margin:0pt 0pt 12.0pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Audit Committee Report</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2006, the Southern Copper Corporation Audit
Committee was comprised of three independent directors, Messrs.&nbsp;Emilio
Carrillo Gamboa, Luis Miguel Palomino Bonilla, and Gilberto Perezalonso
Cifuentes. Mr.&nbsp;Perezalonso has been a member of the Audit Committee since
June&nbsp;2002.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Emilio Carrillo Gamboa was elected to the
Board on May&nbsp;30, 2003 and to the Audit Committee in July&nbsp;2003.
Mr.&nbsp;Carrillo chairs the Audit Committee. Mr.&nbsp;Luis Miguel Palomino
Bonilla was elected to the Board and the Audit Committee on March&nbsp;19,
2004.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Board of Directors determined that
Messrs.&nbsp;Luis Miguel Palomino Bonilla, Gilberto Perezalonso Cifuentes, and
Emilio Carrillo are independent of management and financially literate in accordance
with the requirements of the NYSE and the SEC, as such requirements are
interpreted by our Board of Directors in its business judgment. In addition,
the Board of Directors determined that Messrs.&nbsp;Luis Miguel Palomino
Bonilla and Gilberto Perezalonso Cifuentes are Audit Committee financial
experts, as the Board of Directors interprets this requirement in its business
judgment. The Board of Directors also determined that Messrs.&nbsp;Palomino and
Perezalonso satisfy the accounting or related financial management expertise
standard required by the NYSE, as the Board of Directors interprets this
requirement in its business judgment. The Audit Committee met five times in</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">
<div>


<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2006, with 100%
attendance by Messrs.&nbsp;Emilio Carrillo Gamboa, Gilberto Perezalonso
Cifuentes, and Luis Miguel Palomino Bonilla.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors has adopted a written charter
for the Audit Committee, which is posted on our web site. The charter for the
Audit Committee sets forth the authority and responsibilities of the Audit
Committee. The functions of the Committee include approving the engagement of
independent accountants, reviewing and approving the fees, scope and timing of
their other services, and reviewing the audit plan and results of the audit.
The Committee also reviews our policies and procedures on internal auditing,
accounting and financial controls. The implementation and maintenance of
internal controls are understood to be primarily the responsibility of
management.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the
Audit Committee&#146;s responsibilities, the Audit Committee has taken the following
actions:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>reviewed and discussed
the consolidated audited financial statements with management and the
independent accountants;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>discussed with the
independent accountants, PwC, the matters required to be discussed by
Statements on Auditing Standards No.&nbsp;61, as amended (Audit Committee
Communications);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>received the written
disclosures and the letters from PwC required by the Independence Standards
Board Standard No.&nbsp;1, (Independence Discussions with Audit Committees) and
has discussed with PwC its independence from us and our management;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>discussed with our
internal and independent accountants, PwC, the overall scope and plans of their
respective audits. The Committee meets with the internal and independent
auditors, with and without management present, to discuss the results of their
examinations, the evaluations of our internal controls and the overall quality of
our financial reporting;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>recommended, based on
the reviews and discussions referred to above, to the Board of Directors that
the audited financial statements be included in our Annual Report on
Form&nbsp;10-K for the year ended December&nbsp;31, 2006, for filing with the
SEC; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>selected PwC as our
independent accountants for year 2007. Such selection is submitted for
ratification by you at this annual meeting.</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.62%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="38%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:38.66%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --><i>The Audit Committee:</i></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.72%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:38.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Emilio Carrillo Gamboa</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:38.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Luis Miguel Palomino Bonilla</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:38.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gilberto Perezalonso Cifuentes</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Principal Accountant Fees and
Services</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following is a summary of fees we were or will be
billed by PwC for professional services rendered for 2005 and 2006 fiscal
years.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="88%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:88.04%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Fee&nbsp;Category</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:9.24%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2006&nbsp;Fees</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="88%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:88.04%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit Fees</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:1.0%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">929,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="88%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:88.04%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit-Related
  Fees</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,087,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="88%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:88.04%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax Fees</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">427,144</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="88%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:88.04%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All Other Fees</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:9.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,170,278</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="88%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:88.04%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total Fees</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0pt 0pt 0pt 0pt;width:1.0%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.24%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,613,422</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="88%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:88.04%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Fee&nbsp;Category</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:9.24%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2005&nbsp;Fees</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="88%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:88.04%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit Fees</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:1.0%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">687,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="88%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:88.04%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit-Related
  Fees</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,391,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="88%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:88.04%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax Fees</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23,271</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="88%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:88.04%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All Other Fees</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:9.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,778,018</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="88%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:88.04%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total Fees</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0pt 0pt 0pt 0pt;width:1.0%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.24%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,879,289</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Audit Fees</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit fees consist of fees for professional services
rendered for the audit of our financial statements included in our Annual
Report on Form&nbsp;10-K, and reviews of the financial statements included in
our quarterly reports on Form&nbsp;10-Q.</font></p>

<p style="margin:0pt 0pt 12.0pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Audit-Related Fees</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit-Related Fees consist of fees for professional
services provided by PwC not described above under &#147;Audit Fees&#148; in connection
with their audit of the effectiveness of our internal control over financial
reporting required by the Sarbanes-Oxley Act of 2002, which amounted to
$1,087,000 for the 2006 fiscal year and $1,391,000 for the 2005 fiscal year.</font></p>

<p style="margin:0pt 0pt 12.0pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tax Fees</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2006, Tax Fees consist of fees for tax services
provided by PwC in connection with quarterly financial or tax requirements,
which amounted to $377,577.&#160; In addition,
in 2006 a fee of $49,567 was paid in connection with certain tax issues,
including those relating to the possible acquisition of the Tintaya project.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2005, Tax Fees consist of fees for tax services
provided by PwC in connection with quarterly financial or tax requirements, and
certain other tax issues, amounting to $23,271.</font></p>

<p style="margin:0pt 0pt 12.0pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">All Other Fees</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">In 2006, all other fees for
services, other than those described above, consisted primarily of a $311,858
fee for professional advisory services rendered in connection with an issue of
$400 million 7.5% notes and the filing of a Form S-4 in June 2006; a fee of
$72,600 for the due diligence regarding the possible acquisition of the Tintaya
project; a fee of $125,000 for assurance and technical specialist involvement
related to SEC, NYSE, PCAOB, and US GAAP compliance; a fee of $130,000 for
environmental assurance and sustainability reports; a fee of $312,000 for
consulting services related to improving our compliance with corporate
governance regulations and practices, including internal control procedures and
issues; a fee of $88,560 for improving, based on </font>best practices of
public use, or available in the PwC&#146;s data base, our financial worksheets at
the macro level</font>; and a fee of
$71,230 for improving, based on best practices of public use, or
available in the PwC&#146;s data base, our financial worksheets at the micro level.&#160;
Additionally, all other fees include a fee of $59,030 for professional
services rendered by PwC for the review of accounting issues relating to a
potential investment in the Company.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2005, all other fees for services, other than those
described above, consisted primarily of fees for services provided by PwC in
connection with financial statements requirements and the registration process
and other procedures related to the filing of a Form&nbsp;S-3 in the amount of
$1,590,393, a non-audit fee of $4,500 to update documentation of the Lima
office personnel, and review of accounting issues relating to comments from the
SEC relating to our 2004 annual report filed on Form&nbsp;10-K and our
quarterly reports filed on Forms 10-Q for 2004 in the amount of $170,000, and
$13,125 for services provided by PwC in connection with a Consulting Investment
and Bond Plan review.</font></p>

<p style="margin:0pt 0pt 12.0pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Audit Committee Pre-Approval Policies
and Procedures</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our management defines and communicates specific
projects and categories of service for which the advance approval of the Audit
Committee is requested. The Audit Committee reviews these requests and advises
management if the Committee approves the engagement of PwC. In 2006, all
services provided by PwC were approved in advance by the Committee, except for
PwC&#146;s </font>services, and a
$59,030 related fee, for the review of accounting issues relating to a potential
investment in the Company, which were ratified by the Audit Committee.</p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Compensation
Committee Report</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Company was acquired late in 1999 by Grupo Mexico,
our indirect majority stockholder, which currently owns 75.1% of our
stock.&#160; Because we are a controlled
company as defined by the NYSE we do not have a Compensation Committee
comprised entirely by independent directors. The Compensation Committee is
comprised</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of Messrs.&nbsp;Germ&#225;n Larrea Mota-Velasco, our
Chairman, Oscar Gonz&#225;lez Rocha, our President and Chief Executive Officer,
Xavier Garc&#237;a de Quevedo Topete, our Executive Vice President and Chief
Operating Officer, and Gilberto Perezalonso Cifuentes, one of our special
independent directors.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:23.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee met once in 2006.&#160; Mr. Gilberto Perezalonso Cifuentes was unable
to participate at the meeting but he received a complete report of the
proceedings of the meeting and ratified the actions of the Committee.&#160; The Compensation Committee reviewed and
discussed the Compensation Discussion and Analysis with management of the
Company. Based on said review and discussion, the Compensation Committee has
recommended to our Board of Directors the inclusion of the Compensation
Discussion and Analysis in the 2006 Annual Report on Form&nbsp;10-K and this
proxy statement.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:53.6%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="46%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:46.4%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">The
  Compensation Committee:</font></i></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:53.6%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:46.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Germ&#225;n Larrea
  Mota-Velasco</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:53.6%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:46.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Oscar Gonz&#225;lez
  Rocha</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:53.6%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:46.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Xavier Garc&#237;a de
  Quevedo Topete</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:53.6%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:46.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gilberto
  Perezalonso Cifuentes</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Compensation
Discussion and Analysis</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Compensation
Discussion and Analysis relates to and should be read together with our Summary
Compensation Table and the information on related party transactions in this
proxy statement.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Background and Role of Executive Officers in
Determining Compensation:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The compensation of our executive officers is
determined by our Chairman and other key executive officers, including Mr.
Oscar Gonz&#225;lez Rocha.&#160; Mr. Oscar Gonz&#225;lez
Rocha does not participate in any decision relating to his own compensation.&#160; Similarly, Messrs. J. Eduardo Gonz&#225;lez F&#233;lix,
our Vice President, Finance and Chief Financial Officer, Xavier Garc&#237;a de
Quevedo Topete, our Executive Vice President and Chief Operating Officer, and
Jos&#233; N. Chirinos, our Comptroller do not participate in any discussion relating
to their respective compensations.&#160; Mr.
Remigio Martinez Muller, our Vice President of Exploration, does not
participate in any decision relating to his own compensation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The executive officers compensated by us or one or
more of our subsidiaries are Messrs. Oscar Gonz&#225;lez Rocha, J. Eduardo Gonz&#225;lez
F&#233;lix, Xavier Garc&#237;a de Quevedo Topete, Jos&#233; N. Chirinos and Remigio Martinez
Muller.&#160; Mr. Oscar Gonz&#225;lez Rocha joined
us in 1999 after having an outstanding career at Grupo Mexico and has been
receiving compensation from us since March 2000.&#160; Mr. Eduardo Gonz&#225;lez F&#233;lix joined us in March
2005, also after serving as Chief Financial Officer of various subsidiaries of
Grupo Mexico.&#160; Mr. Xavier Garc&#237;a de Quevedo
Topete joined us in November&nbsp;1999 after serving as President of Grupo Ferroviario
Mexicano, S.A. de C.V. and of Ferrocarril Mexicano, S.A. de C.V.&#160; Mr. Jos&#233; N. Chirinos has more than 40 years
of service with us, having held various positions in accounting,
administration, and finance.&#160;&#160; In 2002,
Mr. Remigio Martinez Muller joined us after serving as a Director of
Exploration of Mexicana de Cobre, S.A. de C.V. Mr. Martinez has held several
managerial positions within Grupo Mexico.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All our other executive officers, including Mr. Germ&#225;n
Larrea Mota-Velasco, our Chairman and Mr. Armando Ortega G&#243;mez, our Vice
President, Legal, General Counsel, and Secretary, are officers of Grupo Mexico
or of certain of its subsidiaries and are compensated by Grupo Mexico or
certain of its subsidiaries.&#160; Messrs.
Larrea and Ortega G&#243;mez have only received fees and stock awards for their
services as members of our Board of Directors.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Grupo Mexico, and our other affiliated companies,
provide various services to us, including accounting, legal, tax, financial,
treasury, human resources, price risk assessment and hedging, purchasing,
procurement and logistics, sales and administrative and other support services.
Grupo Mexico received payment from us for these services.&#160; The total amount paid by us to Grupo Mexico
for such services in 2006 was $13.8 million.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Compensation Objectives:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our objectives in compensating our executive officers
are to encourage the achievement of our business objectives and superior
corporate performance by them.&#160; Our
business objectives include increasing production and lowering costs in a safe
environment, maintaining customer satisfaction, market leadership, and
enhancing shareholder value.&#160; The
principal objective of our compensation practices is to reward and retain
executives with key core competency critical to our long-term management
strategy.&#160; We reward for results rather
than on the basis of seniority, tenure or other entitlement.&#160; We believe that our executive compensation
practices align compensation with our business values and strategy.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Peruvian Compensation Practices:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Peruvian compensation practices take into account
many factors, including individual performance and responsibilities, years of
service, elements of compensation mandated by Peruvian law, future challenges
and objectives, contributions to the future success of our Company, the
executive&#146;s total compensation, and our financial performance.&#160; We may also look at the compensation levels
of comparable companies.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our executive officers receive only cash-based
compensation, which is currently paid.&#160;
The cash-base compensation has two principal components: base salary and
bonus, which are discretionary, and compensation mandated by Peruvian law.&#160; We also sponsor programs to recruit and
retain qualified employees working in Peru.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The payment of bonuses is discretionary and we do not
necessarily pay bonuses every year.&#160; The
payment of bonuses and the amount of the same depend, among other things, on
our financial performance, our intensive capital investment plan, our future cash
flow generation from operations, and our liquidity in general.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We do not provide compensation tied to specific
pre-determined individual or Company performance criteria or long-term
incentive compensation.&#160; Since 2000 we
have not used the Southern Copper Corporation Incentive Compensation Plan to
grant incentive cash payments to our executive officers or to our other key
employees.&#160; Also, since 2000 we have not
used independent consulting organizations to assist us with our executive
compensation policies.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The cash incentive payments granted to our executives
are not based on pre-established performance targets or on targets that have
been previously communicated to the executives.&#160;
The granting of the award and the amount of each award are discretionary
and substantially uncertain until we decide to award them, generally at the
beginning of each year.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All our employee compensation is denominated in
Peruvian Nuevos Soles.&#160; We convert the
Peruvian Nuevos Soles into U.S. dollars using the exchange rate prevailing at
the end of each pay period.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Stock Options:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have not granted stock base compensation to any of
our executive officers since 2000.&#160;&#160; The
Stock Incentive Plan, under which options and stock awards could have been
granted, expired by its terms on January 1, 2006.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Pension Plans:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has two noncontributory defined benefit
pension plans covering former salaried employees in the United States and
certain former employees in Peru.&#160;&#160; Mr.
Oscar Gonz&#225;lez Rocha and Mr. Chirinos are not covered by our non-contributory
retirement plans.&#160; They are covered by
the Peruvian private pension system (&#147;AFP&#148;), a mandatory pension system.&#160;&#160; As required by Peruvian law, we retain every
month a percentage of their salary and deposit the amount into their individual
AFP accounts.&#160; The percentage of the
monthly salary retained and deposited varies each year and has ranged from 8%
to 10% over the years.&#160; Employees,
including Mr. Chirinos, hired prior to 1995, received in 1995 a 13.53% salary
increase to compensate them for the new deduction established by Peruvian law
to participate in the mandatory pension system.&#160;
In 2006 we reported in the Summary Compensation Table that Mr. Chirinos
had received payments of $17,395 in 2005 and $16,839 in 2004 pursuant to
requirements of the AFP.&#160; For 2006 we
have included this increase in the salary reported for Mr. Chirinos.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Severance Benefits:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We do not have corporate plans providing severance
benefits to our executives.&#160; Our
executive officers only receive severance benefits provided by Peruvian
law.&#160; If the employee is terminated by us
and he or she has a fixed-term employment agreement, Peruvian law requires that
we pay the employee salaries for the remaining of the term of his or her
employment agreement.&#160; Peruvian law also
provides that if the employee has been dismissed without cause, he or she is
entitled to one and one-half monthly salary for each year of service up to a
maximum of eight years or twelve monthly salaries.&#160; Peruvian law also provides that at the
termination of employment an employee will be able to withdraw the full amount
of the compensation for the years of service, known as CTS (&#147;Compensaci&#243;n por
Tiempo de Servicios&#148;) in Peru, described below.&#160;
Our executive officers do not have change of control employment
agreements.&#160; Our Peruvian employees,
including Mr. Jos&#233; Chirinos, do not have employment agreements.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Expatriate Employees:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Peruvian laws concerning expatriate
employees, Mr.&nbsp;Oscar Gonz&#225;lez Rocha entered into an employment agreement
with us. The employment agreement is in effect for a term of one year and may
be extended for additional periods. In accordance with the terms of the
employment agreement, we have agreed to provide Mr.&nbsp;Oscar Gonz&#225;lez Rocha
(and any other expatriate employees) with benefits as required by Peruvian law,
including severance benefits upon termination of employment.&#160; Our contract employees and their dependents,
including Mr. Oscar Gonz&#225;lez Rocha, receive free travel from their home country
at the commencement of each year of the contract and to their home country at
its termination.&#160; Mr. Oscar Gonz&#225;lez
Rocha and his spouse received, respectively, $1,481 and $1,481 as free travel
in 2006.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.15pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Discretionary
Cash Compensation:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(a)&#160; Base Salary:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr. Gonz&#225;lez Rocha and Mr. Chirinos received $405,764
and $178,754, respectively, as annual salary in 2006.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The base salary of Mr. Oscar Gonz&#225;lez Rocha for 2006
increased 10%, which compares with prior increases of approximately 7% in 2005
and 2004.&#160; The base salary of Mr. Jos&#233;
Chirinos for 2006 increased around 4%, which is lower than the increase of
approximately 9% received in 2005. Mr. Oscar Gonz&#225;lez Rocha&#146;s base salary at
the commencement of his services with us is reflected in an employment
agreement mandated by Peruvian law.&#160; The
base salaries of our executive officers follow the guidelines of salaries of
other key employees of the Company.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(b)&#160; Bonus:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr. Oscar Gonz&#225;lez Rocha received a cash incentive
payment of $353,137 for services rendered in 2006 in recognition of his
performance and to reward him for his leadership, vision and focus.&#160; Mr. Jos&#233; Chirinos also received a cash
incentive payment of $38,668, also in recognition of his extraordinary
performance in 2006.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Peruvian Mandated Cash
Compensation:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(a)&#160; Profit
Sharing in the Profits of Our Peruvian Branch</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Peruvian law requires that we, as well as all other
mining companies in Peru, share 8% of the annual pre-tax profits of our Branch
with all our workers (salaried and non-salaried). This benefit is payable in
cash to each employee in an amount not to exceed 18 times his or her monthly
salary.&#160; The excess is paid to a Peruvian
pro-employment fund and to the regional governments where we operate, that is
to say, the governments of Moquegua and Tacna in Peru.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr. Gonz&#225;lez Rocha and Mr. Chirinos received,
respectively, $562,212 and $318,827, as a participation in the pre- tax
earnings of our Peruvian Branch in 2006.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(b)&#160; Peruvian
Legal Holiday Bonuses:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Peruvian law also requires payment each year of one
month&#146;s salary to each employee as a bonus for Peruvian Independence holidays
and Christmas.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr. Gonz&#225;lez Rocha and Mr. Chirinos received,
respectively, $73,117 and $39,802, as Peruvian Independence holidays and
Christmas bonuses in 2006.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(c)&#160; Termination
of Employment Compensation:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, as compensation for years of service or
CTS, Peruvian law requires a deposit of one twelfth of an employee&#146;s annual
salary, vacation, travel, Independence holidays, Christmas, dependents and
service award bonus, each year, for each employee (whether Peruvian or
expatriate) working in Peru, as applicable. This amount is deposited in a local
bank of the employee&#146;s choosing, in an individual account, which accrues
interest paid by said bank.&#160; For all
legal purposes, the chosen bank acts as trustee of the deposited amounts.&#160; The CTS funds can only be fully withdrawn
when the employee terminates employment.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2006 we deposited $44,379 and $23,114,
respectively, for Mr. Gonz&#225;lez Rocha&#146;s and Mr. Chirinos&#146; 2006 CTS compensation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Peruvian Mandated Company Housing:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Peruvian law also requires that we provide residences
at our operations in Toquepala, Cuajone, and Ilo for our salaried and
non-salaried employees, including for Mr. Oscar Gonz&#225;lez Rocha.&#160; We provide a corporate residence in Lima,
which Mr. Oscar Gonz&#225;lez Rocha uses when he conducts business activities at our
Lima headquarters.&#160; We have calculated
that the incremental cost to us for the personal use of the Lima residence by
Mr. Oscar Gonz&#225;lez Rocha amounted to $5,943 in 2006.&#160; Our methodology in calculating the
incremental cost consists of annual depreciation of the house plus maintenance
expenses, less the rental fee paid by Mr. Gonz&#225;lez Rocha.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Cash Compensation under Company
Sponsored Programs:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(a)&#160; Vacation&#160; Compensation:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We provide vacation bonuses for all our salaried
employees and payment for vacation travel to all our key salaried employees.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr. Gonz&#225;lez Rocha received $33,213 as vacation bonus
in 2006, and Mr. Chirinos received $16,967, as vacation bonus and travel in
2006.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(b)&#160; Five
Percent Benefit or &#147;Quinquenio&#148;:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We also provide voluntarily to all salaried employees
and to non-salaried employees under agreement with our local labor unions, a
benefit consisting of five percent of the monthly salary for each period of
five years of service. We call this benefit, colloquially in Peru, the &#147;quinquenio.&#148;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr. Gonz&#225;lez Rocha and Mr. Chirinos received,
respectively, $20,288 and $56,418, as quinquenio in 2006.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Personal Benefits:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We paid $15,074 for air travel in 2006 to enable the
spouse of Mr. Oscar Gonz&#225;lez Rocha to accompany Mr. Oscar Gonz&#225;lez Rocha on
business travel, principally from Lima to our operations in Mexico, and then
back to Lima.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Company Provided Car and Driver:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr. Oscar Gonz&#225;lez Rocha and Mr. Jos&#233; N. Chirinos and
other key salaried employees are provided with a Company car and a driver.&#160; We consider that the use of Company cars by
Mr. Gonz&#225;lez Rocha and Mr. Chirinos and other key salaried employees is not a
personal benefit but is integrally and directly related to the performance of
their functions as key executives or salaried employees of one of the largest
companies in Peru, is required for security reasons, and is consistent with
local practice.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Mexican Compensation Practices:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Mexican compensation practices also take into
account many factors, including individual performance and responsibilities,
years of service, elements of compensation mandated by Mexican law, future
challenges and objectives, contributions to the future success of our Company,
the executive total compensation, and our financial performance.&#160; We may also look at the compensation levels
of comparable companies.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our executive officers receive only cash-based
compensation, which is currently paid.&#160;
The cash-base compensation has two principal components: base salary and
bonus, which are discretionary, and compensation mandated by Mexican law.&#160; We also sponsor programs to recruit and
retain qualified employees working in Mexico.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The payment of bonuses is discretionary and we do not
necessarily pay bonuses every year.&#160; The
payment of bonuses and the amount of the same depend, among other things, on
our financial performance, our intensive capital investment plan, our future
cash flow generation from operations, and our liquidity in general.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We do not provide compensation tied to specific
pre-determined individual or Company performance criteria or long-term
incentive compensation.&#160; Also, we do not
use independent consulting organizations to assists us with our executive
compensation policies in Mexico.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The cash incentive payments granted to our executives
are not based on pre-established performance targets or on targets that have
been previously communicated to the executives.&#160;
The granting of the award and the amount of each award are discretionary
and substantially uncertain until we decide to award them, generally at the
beginning of each year.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All our Mexican employee compensation is denominated
in Mexican Pesos.&#160; We convert the Mexican
Pesos into U.S. dollars using the exchange rate prevailing at the end of each
pay period.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Stock Options:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We do not grant stock base compensation to any of our
executive officers in Mexico. We offer to eligible employees in Mexico stock
purchase plans (the &#147;Employee Stock Purchase Plans&#148;) through trusts that
acquire shares of Grupo Mexico for future sales to our employees, and employees
of subsidiaries and certain affiliated companies.&#160; Our officers and directors, who are also
officers of Grupo Mexico, are eligible to participate in the Employee Stock
Purchase Plans.&#160; Sales are at the
approximate fair market value of the shares at the date of sale, and the
employees pay for such shares over periods extending to a maximum of eight
years on an interest-free basis.&#160; The
number of shares allotted to each eligible employee is determined by the
employee&#146;s position.&#160; Certain key
employees like Messrs. Oscar Gonz&#225;lez Rocha, J. Eduardo Gonz&#225;lez F&#233;lix, and
Xavier Garc&#237;a de Quevedo Topete&#160; receive
incentive cash bonuses which are used to purchase shares under the Employee
Stock Purchase Plans.&#160; These amounts are
reflected in the Summary Compensation Table under the Bonus column.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Pension Plan:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Retirement benefits of our employees in Mexico are
covered by the Mexican social security system mandated by Mexican law.&#160; In addition, certain of our Mexican
subsidiaries participate in a defined contribution pension plan, which
complements the retirement benefits granted under the Mexican social security
system.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the Mexican pension plan, non-union employees of
Industrial Minera M&#233;xico, S.A. de C.V., and participating subsidiaries who have
completed ten continuous years of employment with the participating subsidiary,
including Messrs. J. Eduardo Gonz&#225;lez F&#233;lix, Xavier Garc&#237;a de Quevedo Topete,
and Remigio Martinez Muller, earn the right to receive certain benefits upon
retirement at the normal retirement age of 70 or upon early retirement</font></p>


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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">on or after age 60.&#160;
An employee may chose to retire at age 75 only upon receiving the proper
consent of the participating company.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employees contribute 3% of their monthly base salary
to the plan and the employer matches the employees&#146; contributions with an
additional 3%.&#160; The funds are then
invested in treasury or in marketable securities.&#160; The fiduciary of such investment funds is an
institution authorized by the Mexican government.&#160; The plan is administered by a technical
committee comprised of at least three unpaid individuals (who may be employees
of the participating companies), which are appointed by the Company.&#160; The plan may be amended or terminated at any
time at the Company&#146;s discretion, but such amendment or termination must
preserve acquired rights of the employees.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regardless of the manner in which an employee&#146;s
employment is terminated, he/she is entitled to receive his/her employee
contributions and any amounts earned during his/her term of employment.&#160; Any severance benefits received by the
terminated employee will be deducted from any employer contribution to be
received under the plan.&#160; In the event of
the retirement of an employee, he/she is entitled to receive amounts accrued
under the plan.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Messrs. J. Eduardo Gonz&#225;lez F&#233;lix, Xavier Garc&#237;a de
Quevedo Topete, and Remigio Martinez Muller received $6,667, $2,730, and
$2,995, respectively, in 2006 as our contributions under our Mexican pension
plan.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Severance Benefits:</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We do not have corporate plans providing severance
benefits to our executives in Mexico.&#160;
Our executive officers only receive severance benefits provided by
Mexican law or negotiated by us when we undertake workforce reductions at our
operations.&#160; Our executive officers in
Mexico do not have change of control or employment agreements.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Discretionary Cash Compensation:</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(a) Base Salary:</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Messrs. J. Eduardo Gonz&#225;lez F&#233;lix, Xavier Garc&#237;a de
Quevedo Topete, and Remigio Martinez Muller received $222,323, $411,062, and
$99,838, respectively, as annual salary in 2006.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(b) Bonus:</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Messrs. J. Eduardo Gonz&#225;lez F&#233;lix, Xavier Garc&#237;a de
Quevedo Topete, and Remigio Martinez Muller received cash incentive payments of
$131,133, $344,977, and $23,455, respectively, for services rendered in 2006 in
recognition of their performance in 2006.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Mexican Mandated Cash
Compensation:</font></b></p>

<p style="margin:0in 0in 12.0pt 20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(a) Profit Sharing in the Profits of Our Mexican
Operations:</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mexican law requires that we, as well as all other
mining companies in Mexico, share 10% of the annual pre-tax profits of our
operations with all our workers (salaried and non-salaried). This benefit is
payable in cash to each employee.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Messrs. J. Eduardo Gonz&#225;lez F&#233;lix, Xavier Garc&#237;a de
Quevedo Topete, and Remigio Martinez Muller received $13,889, $0, and $7,319,
respectively, as a participation in the pre-tax earnings of our Mexican
operations in 2006.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(b) Mexican Legal Holiday Bonuses:</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mexican law also requires payment each year of at
least 15 days&#146; salary to each employee, with at least one completed year of
service, as a bonus for Christmas.&#160; We
give our employees in Mexico one month&#146;s salary as Christmas bonus.</font></p>


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<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Messrs. J. Eduardo Gonz&#225;lez F&#233;lix, Xavier Garc&#237;a de
Quevedo Topete, and Remigio Martinez Muller received $18,527, $34,255, and
$8,365, respectively, as Christmas bonus in 2006.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt 38.0pt;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(c)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Vacation&#160; Compensation:</b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We provide vacation bonuses for all our salaried
employees, with at least one completed year of service, including our executive
officers in Mexico, as required by Mexican law.&#160;
This vacation bonus consists of at least 25% of the salary earned during
the vacation period.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Messrs. J. Eduardo Gonz&#225;lez F&#233;lix, Xavier Garc&#237;a de
Quevedo Topete, and Remigio Martinez Muller received $3,657, $9,135, and
$4,183, respectively, as vacation bonus in 2006.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Cash Compensation under Company
Sponsored Programs:</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Pension Plan:</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We offer our employees of Industrial Minera Mexico,
S.A. de C.V. and participating subsidiaries the possibility of joining a
defined contribution pension plan.&#160;
Messrs. J. Eduardo Gonz&#225;lez F&#233;lix, Xavier Garc&#237;a de Quevedo Topete, and
Remigio Martinez Muller received $ 6,667, $2,730, and $2,995, respectively, as
employer contributions under our pension plan.&#160;
A more detailed description of the principal features of the pension
plan can be found under &#147;Pension Plan,&#148; above.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Savings Plan:</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We offer our employees the possibility of saving up to
13% of their salaries and we match this amount with our own contributions (but
never in excess of ten times the minimum monthly salary).&#160; These amounts are invested by us in
marketable securities.&#160; Amounts can be
withdrawn at any time with proper notice after ceasing participation in the
plan.&#160; Messrs. J. Eduardo Gonz&#225;lez F&#233;lix,
Xavier Garc&#237;a de Quevedo Topete, and Remigio Martinez Muller received $4,444,
$3,977, and $4,086, respectively, as contributions under our savings plan.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Company Housing and Other Benefits:</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employees of certain of our Mexican units reside in
town sites at La Caridad and Cananea mines, where we have built approximately
2,000 houses and apartments and 275 houses and apartments, respectively.&#160; Employees of other units principally reside
on the grounds of the mining or processing complexes in which they work and we
have built approximately 900 houses and apartments for such employees.&#160; Housing, together with maintenance and
utility services, is provided at minimal cost to most of our employees.&#160; Our town sites and housing complexes include
educational and, in some units, medical facilities, churches, social clubs,
shopping centers, banking and other services.&#160;
At certain units, health care is provided free of charge to employees
and their families.&#160; None of our
executives working in Mexico receive these benefits.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">What Is Our Compensation Designed to Reward?</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our compensation is designed to reward our executive
officers for their efforts and dedication to us and for their ability to
attract, motivate, and energize a high-performance leadership team, encouraging
innovation in our employees, conceptualizing key trends, evaluating strategic
decisions, and continuously challenging our employees to sharpen their vision and
excel in performing their duties.&#160; We
also reward our executive officers for achieving the business plans that the
Board has approved, for unique accomplishments and achievements, and for their
leadership in managing our affairs in the locations in which it operates,
mainly Peru and Mexico.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Why We Choose to Compensate Our Executives?</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We choose to compensate our employees, including our
executive officers, to grant them basic economic security at levels consistent
with competitive local practices.&#160; We believe
that the compensation we provide to our employees, including our executive
officers, permits us to retain our highly skilled and qualified workforce.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are required to grant our employees certain
elements of compensation mandated by Peruvian and Mexican law, as
applicable.&#160; Peruvian and Mexican law
requires us to pay salaries to our employees commensurate with each </font></p>


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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">job requirements and the experience and skills of
every employee.&#160; The level of each salary
is determined by us.&#160; We pay salaries and
bonuses to reward and retain our excellent employees, including our executive
officers.&#160; We also provide other Company
sponsored benefits to remain competitive in the Peruvian and Mexican labor
markets and to reward our employees, including our executive officers.&#160; The Peruvian five percent increase in monthly
salary for each five years of service evolved as a benefit bargained by our
labor unions and was later on extended to all salaried employees.&#160; The Peruvian vacation bonus and vacation
travel benefits evolved from our practice of compensating expatriate employees
who worked in Peru and was later extended to certain key salaried employees,
including executive officers working in Peru.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">How Do We Determine Each Element of Compensation?</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As previously indicated, factors that influence our
decision to grant salary increases and bonuses include the performance and
responsibilities measured in the areas of production, safety and environmental
responsiveness at the individual and company-wide level, years of service,
elements of compensation mandated by Peruvian and Mexican law, future
challenges and objectives, contributions to the future success of our Company,
the total executive compensation, and our financial performance.&#160; Base pay also reflects the external market
value for the particular position as well as the qualifications and experience
of each individual.&#160; To remain
competitive, we may also compare our compensation structure with the
compensation of comparable companies.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The amount and formula applicable to the other
benefits are mandated by Peruvian and Mexican law or are sponsored by us for
all salaried employees.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Section&nbsp;162(m)&nbsp;of the Internal Revenue
Code of 1986, as amended, we may not deduct, with certain exceptions,
compensation in excess of $1&nbsp;million to the Chief Executive Officer and
our four other highest paid executive officers as required to be reported in
our proxy statement. We do not believe that Section&nbsp;162(m)&nbsp;will have
any immediate material impact on us because, among other things, our officers&#146;
salaries principally enter into the calculation of non-US source taxable
income. Due to the availability of foreign tax credits, we will not normally
incur a U.S. tax liability on our non-U.S. source taxable income. We will,
however, continue to monitor our executive compensation programs to ensure
their effectiveness and efficiency in light of our needs, including
Section&nbsp;162(m).</font></p>

<p style="margin:0in 0in 12.0pt 20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">How Does Each Element and Our Decisions Regarding
That Element Fit Into Our Overall Compensation Objectives and Affect Decisions
Regarding Other Elements?</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We take into account each element of compensation to
determine the overall compensation of our executives.&#160; It is our practice to grant relatively small
salary increases commensurate with the cost of living increases in Peru and
Mexico and tailor the amount of the incentive cash payments to balance the
amounts of compensation mandated by Peruvian and Mexican law, principally the
amounts received as profit participations.&#160;
In years in which the profit participation is high, the bonus or
incentive cash payment will be reduced.&#160;
In years in which the profit participation is relatively modest, if our
financial conditions permit, we tend to increase the amount paid in cash
incentives.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Summary:</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our compensation practices are designed to comply with
the requirements of Peruvian and Mexican law and with our goals and objectives
to retain our key executives and reward them appropriately for their positive
results.&#160; We continue to monitor our
compensation practices to remain competitive in the marketplace and to reward
our executives for results that are consistent with the long-term interest of
our Company and our stockholders.</font></p>

<p style="margin:0in 0in 12.0pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Executive
Compensation</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Set forth below is certain information concerning the
compensation for services in all capacities to us for the fiscal year ended
December&nbsp;31, 2006 of Mr.&nbsp;Oscar Gonz&#225;lez Rocha, our President and
Chief Executive Officer, of Mr. Eduardo Gonz&#225;lez F&#233;lix, our Vice President,
Finance and Chief Financial Officer, of Mr.&nbsp;Jos&#233; N. Chirinos, our
Comptroller, and certain other of our highly compensated executive officers.
Mr.&nbsp;Germ&#225;n Larrea, our Chairman, and Mr. Armando Ortega G&#243;mez, our Vice
President, Legal, General Counsel and Secretary received no compensation from
us in 2006 for services other than as a director.</font></p>


 <p style="margin:24.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Summary Compensation Table (a)</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" bgcolor="white" style="background:white;border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="38%" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.04%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="59%" colspan="13" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:59.24%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Annual&nbsp;Compensation</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in .7pt 0in 0in;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="38%" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.04%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name&nbsp;and&nbsp;Principal</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">All&nbsp;Other<br>
  Compensation</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in .7pt 0in 0in;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="38%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:38.04%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Position</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Year</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Salary</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Bonus</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">(b)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in .7pt 0in 0in;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="38%" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:38.04%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Oscar Gonz&#225;lez Rocha <br>
  President and CEO</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2006</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">405,764</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">353,137</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">757,189</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:8.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,516,090</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in .7pt 0in 0in;width:.34%;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="38%" valign="top" style="padding:0in .7pt 0in 0in;width:38.04%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J. Eduardo Gonz&#225;lez F&#233;lix <br>
  Vice President, Finance and CFO</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2006</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">222,323</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">131,133</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47,184</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">400,640</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in .7pt 0in 0in;width:.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="38%" valign="top" style="padding:0in .7pt 0in 0in;width:38.04%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Xavier Garc&#237;a de Quevedo Topete <br>
  Executive Vice President and COO</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2006</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">411,062</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">344,977</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50,097</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">806,136</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in .7pt 0in 0in;width:.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="38%" valign="top" style="padding:0in .7pt 0in 0in;width:38.04%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jos&#233; N. Chirinos <br>
  Comptroller</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2006</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">178,754</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38,668</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">455,128</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">672,550</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in .7pt 0in 0in;width:.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="38%" valign="top" style="padding:0in .7pt 0in 0in;width:38.04%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Remigio Martinez Muller <br>
  Vice President, Exploration</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2006</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99,838</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23,455</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26,948</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:9.94%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">150,241</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in .7pt 0in 0in;width:.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="284" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="74" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="67" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="67" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="69" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="67" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
 </tr>
</table>

<div style="margin:0in 0in .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Compensation
for all of our Peruvian and Mexican employees is denominated, respectively, in
Peruvian Nuevos Soles and Mexican Pesos.&#160;
We convert the Peruvian Nuevos Soles and Mexican Pesos into U.S. dollars
using the exchange rate prevailing at the end of each pay period.&#160; The average rate for Peruvian Nuevos Soles
was 3,275 Nuevos Soles for each U.S. dollar.&#160;
The average rate for Mexican Pesos was 10.901 Mexican Pesos for each
U.S. dollar.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All
Other Compensation consists mainly of programs sponsored by us and compensation
mandated by Peruvian and Mexican law. Amounts shown for Mr.&nbsp;Oscar Gonz&#225;lez
Rocha consist of:&nbsp;$33,213 as vacation bonus paid by us in 2006, $73,117 as
annual bonus for Peruvian Independence holidays and Christmas as mandated by
Peruvian law, and $20,288 related to a Company sponsored benefit that provides
for the payment of five percent of the monthly salary for each period of five
years of service.</p>

<p style="margin:0in 0in 12.0pt 20.15pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Oscar Gonz&#225;lez Rocha received $5,943 in 2006
as a maintenance fee for his corporate residence, which he uses when he
conducts business activities for the Company in Lima, Peru. Mr.&nbsp;Oscar Gonz&#225;lez
Rocha has residences at the Company&#146;s operations provided by the Company, as
mandated by Peruvian law. Peruvian law requires the payment of a profit
participation in the pre-tax earnings of our Peruvian Branch. Under this
program, Mr.&nbsp;Oscar Gonz&#225;lez Rocha received $562,212 in 2006. Additionally,
as a severance benefit, Peruvian law requires a deposit of one twelfth of an
employee&#146;s annual salary, vacation, travel, Peruvian Independence holidays,
Christmas, dependents and service award bonus, each year, for each employee
(whether Peruvian or expatriate) working in Peru, as applicable, in a bank
account of the employee&#146;s choosing, which accrues interest paid by the bank,
until the employee terminates employment, at which time the employee is
eligible to receive the funds. Under this program, $44,379 in severance
benefits was deposited on behalf of Mr.&nbsp;Oscar Gonz&#225;lez Rocha in 2006.&#160; Additionally, we paid $15,074 for air travel
in 2006 to enable the spouse of Mr. Oscar Gonz&#225;lez Rocha to accompany Mr. Oscar
Gonz&#225;lez Rocha on business travel, principally from Lima to our operations in
Mexico, and then back to Lima.&#160; Also, in
accordance with his expatriate employment agreement Mr. Gonz&#225;lez Rocha and his
spouse each received $1,481 as free travel to and from their home country in
2006.</font></p>

<p style="margin:0in 0in 12.0pt 20.15pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amounts shown for Mr. Eduardo Gonz&#225;lez F&#233;lix consist
of: $3,657 as vacation bonus paid by us in 2006 and $18,527 as annual bonus for
Christmas, as mandated by Mexican law.&#160;
Mexican law requires the payment of a profit participation in the
pre-tax earnings of our Mexican Operations. Under this program, Mr. Eduardo
Gonz&#225;lez F&#233;lix received $13,889 in 2006.&#160;
In addition, Mr. Eduardo Gonz&#225;lez F&#233;lix received $6,667 in 2006 as our
contribution under our Mexican pension plan and $4,444 for 2006 as our
contribution under our Mexican savings plan.&#160;
See Director Compensation Table for Director&#146;s fees paid to Mr. Eduardo
Gonz&#225;lez F&#233;lix in 2006.</font></p>

<p style="margin:0in 0in 12.0pt 20.15pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amounts shown for Mr. Xavier Garc&#237;a de Quevedo Topete
consist of: $9,135 as vacation bonus&#160; and
$34,255 as annual bonus for Christmas paid by us in 2006, as mandated by
Mexican law.&#160;&#160; Mr. Xavier Garc&#237;a </font></p>


 <p style="margin:24.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0in 0in 12.0pt 18.4pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">de
Quevedo Topete received $2,730 in 2006 as our contribution under our Mexican
pension plan and $3,977 as our contribution under our Mexican savings
plan.&#160; See Director Compensation Table
for Director&#146;s fees paid to Mr. Xavier Garc&#237;a de Quevedo Topete in 2006.</font></p>

<p style="margin:0in 0in 12.0pt 18.4pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amounts shown for Mr.&nbsp;Jos&#233; N. Chirinos, consist
of: $14,944 as vacation bonus paid by us in 2006, $39,802 as annual bonus for
Peruvian Independence holiday and Christmas in 2006, as mandated by Peruvian
law, $2,023 for vacation travel in 2006, and $56,418 for 2006 related to a
Company sponsored benefit that provides for the payment of five percent of the
monthly salary for each period of five years of service.</font></p>

<p style="margin:0in 0in 12.0pt 20.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Peruvian law requires the payment of a profit
participation in the pre-tax earnings of our Peruvian Branch. Under this
program, Mr.&nbsp;Jos&#233; N. Chirinos received $318,827 in 2006. Additionally, as
a severance benefit, Peruvian law requires a deposit of one twelfth of an
employee&#146;s annual salary, vacation, travel, Peruvian Independence holiday,
Christmas, dependents and service award bonus, each year, for each employee
(whether Peruvian or expatriate) working in Peru, as applicable, in a bank account
of the employee&#146;s choosing, which accrues interest paid by the bank, until the
employee terminates employment, at which time the employee is eligible to
receive the funds. Under this program, $23,114 in severance benefits was
deposited on behalf of Mr.&nbsp;Jos&#233; N. Chirinos in 2006.</font></p>

<p style="margin:0in 0in 12.0pt 18.4pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amounts shown for Mr. Remigio Martinez Muller consist
of: $4,183 as vacation bonus&#160; and $8,365
as annual bonus for Christmas paid by us in 2006, as mandated by Mexican
law.&#160; Mexican law requires the payment of
a profit participation in the pre-tax earnings of our Mexican Operations. Under
this program, Mr. Remigio Martinez Muller received $7,319 in 2006.&#160; In addition, Mr. Remigio Martinez Muller
received $2,995 in 2006 as our contribution under our Mexican pension plan and
$4,086 for 2006 as our contribution under our Mexican savings plan.</font></p>

<p style="margin:0in 0in 12.0pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Option
Grants, Exercises, and Fiscal Year-End Values</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No options were granted in 2006.&#160; The Stock Incentive Plan, under which options
and stock awards could have been granted, expired by its terms on
January&nbsp;1, 2006.</font></p>

<p style="margin:0in 0in 12.0pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Option
Exercises and Fiscal Year-End Values</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No options were exercised in 2006.</font></p>

<p style="margin:0in 0in 12.0pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Retirement
Plans</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None of our executive officers are covered by our
pension plans.</font></p>

<p style="margin:0in 0in 12.0pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Severance
Benefit</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As described above in the Compensation Discussion and
Analysis, we provide severance benefits as required by Peruvian and Mexican
law.</font></p>

<p style="margin:0in 0in 12.0pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Employment
Agreements</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Peruvian laws concerning expatriate
employees, Mr.&nbsp;Oscar Gonz&#225;lez Rocha entered into an employment agreement.
The employment agreement is in effect for a term of one year and may be
extended for additional periods. In accordance with the terms of the employment
agreement, the Company has agreed to provide Mr.&nbsp;Oscar Gonz&#225;lez Rocha (and
any other expatriate employees) with benefits as required by Peruvian law.
Under the employment agreement, Mr.&nbsp;Oscar Gonz&#225;lez Rocha may resign at any
time by providing us with 30&nbsp;days&#146; notice. The employment agreement also
provides that we may dismiss Mr.&nbsp;Oscar Gonz&#225;lez Rocha for serious offenses
as established by Peruvian law.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Terminated employees are also entitled to receive
severance benefits as required by Peruvian law.</font></p>


 <p style="margin:24.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Related
Party Transactions</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2006, we had entered into certain transactions in
the ordinary course of business with parties that are controlling stockholders
or their affiliates.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These transactions include the lease of office space,
air transportation and construction services and products and services relating
to mining and refining.&nbsp; We lend and borrow funds among affiliates for
acquisitions and other corporate purposes.&nbsp; These financial transactions
bear interest.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2006, we sold to Asarco LLC (&#147;Asarco&#148;), an
affiliate of Grupo Mexico, $0.3 million of metal products.&#160; In 2006, there were no purchases of metal
products and tolling services from Asarco.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Grupo Mexico, our ultimate parent and our majority
indirect stockholder, and our affiliates, provide various services to us.&#160; In 2006, these activities were principally
related to accounting, legal, tax, financial, treasury, human resources, price
risk assessment and hedging, purchasing, procurement and logistics, sales and
administrative and other support services. Grupo Mexico received payment from
us for these services. The total amount paid by us to Grupo Mexico for such
services in 2006 was $13.8&nbsp;million. We expect to continue to pay for these
support services going forward in an amount of $13.8 million per year.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Mexican operations paid fees of $17.2&nbsp;million
in 2006, primarily for freight services provided by Ferrocarril Mexicano, S.A.
de C.V., a subsidiary of Grupo Mexico.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, our Mexican operations paid $29.8&nbsp;million
in 2006 for construction services provided by Mexico Constructora Industrial,
S.A. de C.V., an indirect subsidiary of Grupo Mexico.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Larrea family controls a majority of the capital
stock of Grupo Mexico, and has extensive interests in other businesses,
including oil drilling services, construction, aviation and real estate. We
engage in certain transactions in the ordinary course of business with other
entities controlled by the Larrea family relating to mining and refining
services, the lease of office space, and air transportation and construction
services. In connection with this, we paid fees of $5.5 million in 2006.&#160; Additionally, in the third quarter of 2006
our Mexican subsidiary provided a short-term, interest bearing loan of $10.6
million to Mexico Transportes Aereos, S.A. de C.V. (&#147;MexTransport&#148;) for the
purchase of an airplane.&#160; MexTransport, a
company controlled by the Larrea family, provides aviation services to our
Mexican operations.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, in 2006 we purchased $5.5 million of
industrial material from companies in which Mr.&nbsp;Carlos Gonz&#225;lez, a son of
our President and Chief Executive Officer has proprietary interest. In addition,
we purchased $0.5 million in 2006 of industrial material from companies in
which Mr.&nbsp;Alejandro Gonz&#225;lez, a son of our President and Chief Executive
Officer, is employed as a sales representative.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is anticipated that in the future we will enter
into similar transactions with such parties.</font></p>

<p style="color:black;font-family:Times New Roman;margin:0in 0in 12.0pt;text-autospace:none;text-indent:20.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">During 2006, the Audit
Committee reviewed and did not object to any of the related party transactions
reported in this proxy statement. Our Audit Committee recognizes that related
party transactions present a heightened risk of conflicts of interest and/or
improper valuation (or the perception thereof) and therefore has adopted a
policy on January 24, 2007, which shall be followed in connection with all of
our related party transactions. This policy formalizes the procedures followed
by the Audit Committee for previous years.&#160;
Related parties are those</font><font size="2" style="font-size:10.0pt;"> defined as such by the SEC.&#160; Our policy requires us to report all related
party transactions in our filings with the SEC and as required by accounting
requirements.</font></p>

<p style="color:black;margin:0in 0in 12.0pt;text-autospace:none;text-indent:20.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">It is our policy that the Audit Committee shall review
all related party transactions.&#160; The
Company is prohibited from entering or continuing a material related party
transaction that has not been reviewed and approved or ratified by the Audit
Committee. Our Certificate specifically provides that the Company is prohibited
from engaging in any material affiliate transaction unless the transaction has
been reviewed by a committee of at least three members of the Board of
Directors, each of whom must satisfy the independence standards of the New York
Stock Exchange (or any other exchange or association on which the Common Stock
is listed).&#160; A material affiliate
transaction is defined as a transaction, business dealing or material financial
interest in any transaction, or any series of transactions </font></p>


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<p style="color:black;margin:0in 0in 12.0pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">between
Grupo Mexico or one of its affiliates (other than us or any of our
subsidiaries), on the one hand, and us or one of our subsidiaries, on the other
hand, that involves an aggregate consideration of more than $10,000,000.&#160; We believe that the Audit Committee is best
suited to review any material affiliate transaction.</font></p>

<p style="color:black;font-family:Times New Roman;margin:0in 0in 12.0pt;text-autospace:none;text-indent:20.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The Audit Committee </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">may delegate authority to grant such approvals or
ratifications to one or more members of the Audit Committee with the requirement
that such member or members present any decisions made pursuant to such
delegated authority to the full Audit Committee at its next scheduled meeting.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management
reports all related party transactions to the Audit Committee at each
meeting.&#160; Material related party
transactions are reported to the full Board of Directors. There is a
presumption that the Audit Committee has approved or ratified the related party
transaction if the Committee has reviewed the transaction and made no
observations or objections to same.</font></p>

<p style="color:black;margin:0in 0in 12.0pt;page-break-after:avoid;text-autospace:none;text-indent:20.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">In reviewing a related party transaction the Audit
Committee considers all of the relevant factors surrounding the transaction
including:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>whether
there is a valid business reason for us to enter into the related party
transaction consistent with the best interests of the Company and our
stockholders;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>whether
the transaction is negotiated on an arm&#146;s length basis on terms comparable to
those provided to unrelated third parties or on terms comparable to those
provided to employees generally;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>whether
the Audit Committee determines that it has been duly apprised of all
significant conflicts that may exist or may otherwise arise on account of the
transaction, and it believes, nonetheless, that we are warranted in entering
into the related party transaction and have developed an appropriate plan to
manage the potential conflicts of interest;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>whether
the rates or charges involved in the transaction are determined by competitive
bids, or the transaction involves the rendering of services as a common or
contract carrier, or public utility, at rates or charges fixed in conformity
with law or governmental authority;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>whether
the transaction involves services as a bank depositary of funds, transfer
agent, registrar, trustee under a trust indenture, or similar services; and/or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>whether the
interest of the related party or that of a member of the immediate family of
the related party arises solely from the ownership of our class of equity
securities and all holders of that class of our equity securities received the
same benefit on a pro rata basis.</p>

<p style="margin:0in 0in 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Compensation Committee Interlocks and
Insider Participation in Compensation Decisions</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our directors representing Grupo Mexico are executive
officers of Grupo Mexico or its affiliates. Messrs.&nbsp;Germ&#225;n Larrea
Mota-Velasco, Oscar Gonz&#225;lez Rocha, Xavier Garc&#237;a de Quevedo Topete, and
Gilberto Perezalonso Cifuentes comprise the Compensation Committee of the
Board. See also &#147;Certain Transactions.&#148;</font></p>

<p style="margin:0in 0in 12.0pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Controlled
Company&#148; Exception to NYSE Rules</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A company of which more than 50% of the voting power
is held by a single entity, a &#147;controlled company&#148;, need not comply with the
requirements of the NYSE corporate governance rules&nbsp;requiring a majority
of independent directors and independent compensation and nomination/corporate
governance committees.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are a controlled company as defined by the
rules&nbsp;of the NYSE. Grupo Mexico currently owns indirectly 75.1% of our
stock. We have taken advantage of the exceptions to the corporate governance
rules&nbsp;of the NYSE. We have four special independent directors nominated by
the Special Nominating Committee, Messrs.&nbsp;Harold S. Handelsman, Luis
Miguel Palomino Bonilla, Gilberto Perezalonso Cifuentes, and Carlos Ruiz
Sacrist&#225;n.&#160; Mr. Emilio Carrillo Gamboa is
our fifth independent director. At its meeting on January&nbsp;25, 2007, the
Board of Directors determined that Messrs.&nbsp;Harold S. Handelsman, Luis
Miguel Palomino Bonilla, Gilberto Perezalonso Cifuentes, Carlos Ruiz Sacrist&#225;n
and Emilio Carrillo Gamboa are independent of management in accordance with the
requirements of the NYSE as such requirements are interpreted by our Board of
Directors in its business judgment.</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


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<p style="margin:0in 0in 12.0pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Corporate Governance Guidelines, Committee
Charters and Code of Ethics</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have adopted Corporate Governance Guidelines for
the Board of Directors and charters for the Audit, Special Nominating,
Governance, and Compensation Committees. We also have in place a Code of
Business Conduct and Ethics that apply to our principal executive officer,
principal financial officer, comptroller, all officers, directors and our
employees, including the persons performing accounting or financial functions.
The Corporate Governance Guidelines, Code of Business Conduct and Ethics, and
Committee charters, may be accessed free of charge by visiting our web site at <i>www.southerncoppercorp.com</i>. &nbsp;Copies
of these documents are also available in print by written request directed to our
Secretary, at Southern Copper Corporation, 11811 North Tatum Blvd., Suite 2500, Phoenix, AZ 85028, or at
Southern Copper Corporation, Av. Caminos del Inca 171, Chacarilla del Estanque,
Santiago de Surco, Lima-33, Peru.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with Section&nbsp;303A.03 of the
corporate governance rules&nbsp;of the NYSE, an executive session of
non-management directors is scheduled on the occasion of each of our regularly
scheduled Board meetings. For such purpose, our Chairman invites the
non-management directors to hold the executive session and all other members
are asked to leave the boardroom. The non-management directors decide on each
occasion if there are matters that warrant holding the executive session and
the directors designate for each session, the director who will preside at each
executive session. This policy is disclosed in Section&nbsp;5.4 of our
Corporate Governance Guidelines posted on the Company&#146;s web site at <i>www.southerncoppercorp.com.</i></font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We intend to report any amendments to, or waiver from,
a provision of the Code of Business Conduct and Ethics that applies to the
principal executive officer, principal financial officer, principal accounting
officer, comptroller and other persons performing similar functions.</font></p>

<p style="margin:0in 0in 12.0pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Corporate
Governance Committee</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The primary functions of the Corporate Governance
Committee are (a)&nbsp;to consider and make recommendations to the Board
concerning the appropriate function and needs of the Board, (b)&nbsp;to develop
and recommend to the Board corporate governance principles, and (c)&nbsp;to
oversee evaluation of the Board and management.&#160;
The Committee is comprised of Messrs. Germ&#225;n Larrea-Mota Velasco, Oscar
Gonz&#225;lez Rocha, Xavier Garc&#237;a de Quevedo-Topete, and Emilio Carrillo
Gamboa.&#160; The Committee did not meet in
2006.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee has the authority to delegate any of its
authority to subcommittees designated by the Corporate Governance Committee, to
the extent permitted by law. The Corporate Governance Committee has the sole
authority to retain and terminate any counsel or other advisors, including sole
authority to approve the fees and other retention terms.</font></p>

<p style="margin:0in 0in 12.0pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Special
Independent Directors/Special Nominating Committee</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Special Nominating Committee functions as a
special committee to nominate special independent directors to the Board.
Pursuant to our Certificate, a special independent director is any director who
(i)&nbsp;satisfies the independence requirements of the NYSE Listed Company
Manual (or any other exchange or association on which the Common Stock is
listed) and (ii)&nbsp;is nominated by the Special Nominating Committee. The
Special Nominating Committee has the right to nominate a number of special
independent directors based on the percentage of our Common Stock owned by all
holders of our Common Stock, other than Grupo Mexico and its affiliates.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Special Nominating Committee consists of three
directors, two (2)&nbsp;of whom are Luis Miguel Palomino and Carlos Ruiz
Sacrist&#225;n (each an &#147;Initial Member&#148; and, together with their successors, &#147;Special
Designees&#148;) and such other director, currently </font>Xavier Garc&#237;a de Quevedo Topete, as
may be appointed by the Board of Directors or the &#147;Board Designee&#148;. The Board
Designee will be selected annually by the Board of Directors. The Special
Designees will be selected annually by the members of the Board who are special
independent directors or Initial Members. Only special independent directors
can fill vacancies on the Special Nominating Committee. Any member of the
Special Nominating Committee may be removed at any time by the Board of
Directors for cause. The unanimous vote of all members of the nominating
committee will be necessary for the adoption of any resolution or the taking of
any action.</p>


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<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Certificate provides that the number of special
independent directors on the Board of Directors at any given time shall be equal
to (a)&nbsp;the total number of directors on the Board of Directors multiplied
by (b)&nbsp;the percentage of Common Stock owned by all of the stockholders
(other than Grupo Mexico and its affiliates), rounded up to the next whole
number. Notwithstanding the foregoing, the total number of persons nominated as
special independent directors cannot be less than two or greater than six.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Special Nominating Committee has nominated
Messrs.&nbsp;Harold S. Handelsman, Luis Miguel Palomino Bonilla, Gilberto
Perezalonso Cifuentes, and Carlos Ruiz Sacrist&#225;n as special independent
directors. Mr. Emilio Carrillo is our fifth independent director.&#160; At its meeting on January&nbsp;25, 2007, the
Board of Directors approved the nomination of special independent directors
made by the Special Nominating Committee and endorsed the determination made by
the Special Nominating Committee that Messrs.&nbsp;Harold S. Handelsman, Luis
Miguel Palomino Bonilla, Gilberto Perezalonso Cifuentes, and Carlos Ruiz
Sacrist&#225;n are independent of management in accordance with the requirements of
the NYSE, as such requirements are interpreted by the Special Nominating
Committee and our Board of Directors in their respective business judgments.
The Board of Directors also determined that Mr. Emilio Carrillo is independent
of management in accordance with the requirements of the NYSE as such
requirements are interpreted by our Board of Directors in its business
judgment. Notwithstanding the foregoing, the power of the Special Nominating
Committee to nominate special independent directors is subject to the rights of
the stockholders to make nominations in accordance with our by-laws.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Special Nominating Committee did not meet in 2006,
except to make the above-mentioned nominations and determinations prior to the
2006 annual meeting of stockholders. The Special Nominating Committee considers
and makes recommendations to the Board of Directors with respect to the
nominations for special independent directors. The Committee considers
recommendations for special independent director nominees to the Board of
Directors from all sources. Recommendations for special independent director
nominees should be sent in writing to our Secretary.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Special
Nominating Committee&#146;s Charter sets forth that it shall have the authority to:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt 30.25pt;text-indent:-10.1pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>consider
and recruit candidates to fill the positions on the Board allocated to special
independent directors taking into account the Board&#146;s current composition and
core competencies and the needs of the Board as a whole;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt 30.25pt;text-indent:-10.1pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>apply
criteria for Board membership that require special independent directors to
satisfy the independence requirements, possess financial and business
competency, high ethical standards and integrity, intelligence and judgment,
sufficient time to devote to our matters, and a history of achievement;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt 30.25pt;text-indent:-10.1pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>review
and consider candidates from all sources;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt 30.25pt;text-indent:-10.1pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>conduct
appropriate and necessary inquiries into the backgrounds and qualifications of
possible candidates;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt 30.25pt;text-indent:-10.1pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>recommend
the special independent director nominees for approval by the Board and you;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt 30.25pt;text-indent:-10.1pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>fill
any vacancy created by the removal, resignation or retirement from the Board of
any special independent director; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt 30.25pt;text-indent:-10.1pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>evaluate
annually the Committee&#146;s own performance and the adequacy of the charter, and
report on the same to the Board.</p>

<p style="margin:0in 0in .0001pt 30.25pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee has the authority to delegate any of its
authority to subcommittees designated by the Committee, to the extent permitted
by law. However, the Committee has the sole authority to retain and terminate
any advisor, including counsel and any search firm used to identify special
independent director candidates, and to approve the fees and other retention
terms of said advisors.</font></p>


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<p style="margin:0in 0in 12.0pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Compensation
of Directors</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2006
Director Compensation Table</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="342" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:256.85pt;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><!-- SET mrlHTMLTableCenter -->Name</p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="58" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:43.15pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Fees&nbsp;Earned<br>
  or&nbsp;Paid&nbsp;in<br>
  Cash&nbsp;($)</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="58" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:43.15pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Stock<br>
  Awards&nbsp;($)</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="58" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:43.15pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total&nbsp;($)</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="342" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:256.85pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Germ&#225;n Larrea
  Mota-Velasco (a)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,734</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62,734</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="342" valign="top" style="padding:0in .7pt 0in 0in;width:256.85pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Oscar Gonz&#225;lez
  Rocha</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="58" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:43.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="58" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:43.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="58" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:43.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="342" valign="top" style="padding:0in .7pt 0in 0in;width:256.85pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Emilio Carrillo
  Gamboa (a)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">68,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,734</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">86,734</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="342" valign="top" style="padding:0in .7pt 0in 0in;width:256.85pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alfredo Casar
  P&#233;rez (a)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22,624</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33,624</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="342" valign="top" style="padding:0in .7pt 0in 0in;width:256.85pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jaime Fernando
  Collazo Gonz&#225;lez (a)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,734</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62,734</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="342" valign="top" style="padding:0in .7pt 0in 0in;width:256.85pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Xavier Garc&#237;a de
  Quevedo Topete (a)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,734</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62,734</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="342" valign="top" style="padding:0in .7pt 0in 0in;width:256.85pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J. Eduardo
  Gonz&#225;lez F&#233;lix (a)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,734</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62,734</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="342" valign="top" style="padding:0in .7pt 0in 0in;width:256.85pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Harold S.
  Handelsman (a)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,734</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">57,734</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="342" valign="top" style="padding:0in .7pt 0in 0in;width:256.85pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Genaro Larrea
  Mota-Velasco (a)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,734</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62,734</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="342" valign="top" style="padding:0in .7pt 0in 0in;width:256.85pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Armando Ortega
  G&#243;mez (a)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,734</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62,734</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="342" valign="top" style="padding:0in .7pt 0in 0in;width:256.85pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Luis Miguel
  Palomino Bonilla (a)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">74,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,734</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">92,734</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="342" valign="top" style="padding:0in .7pt 0in 0in;width:256.85pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gilberto
  Perezalonso Cifuentes (a)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">68,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,734</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">86,734</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="342" valign="top" style="padding:0in .7pt 0in 0in;width:256.85pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Juan Rebolledo
  Gout (a)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,734</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62,734</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="342" valign="top" style="padding:0in .7pt 0in 0in;width:256.85pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Carlos Ruiz Sacrist&#225;n
  (a)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,734</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0in .7pt 0in 0in;width:38.15pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62,734</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<div style="margin:0in 0in .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Directors
domiciled outside Peru are subject to a 30% income tax withholding.</p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each director receives compensation in the amount of
$20,000 per year and $6,000 for attendance in person at each meeting. For
attendance by telephone conference the compensation is $1,000 for each
meeting.&#160; All Directors are reimbursed by
us for all meeting related expenses.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have a Directors&#146; Stock Award Plan pursuant to
which directors who are not compensated as our employees are entitled to an
award of 400 shares of Common Stock upon election to the Board and 400
additional shares of Common Stock following each annual meeting of stockholders
thereafter. This reflects the two-for-one stock split, which became effective
on October 2, 2006.&#160; This Plan will
expire by its terms on January&nbsp;31, 2016.</font></p>

<p style="margin:0in 0in 12.0pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Attendance of Directors</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors met four times at its regularly
scheduled meetings in 2006, with 75% attendance by Mr.&nbsp;Perezalonso and
Mr.&nbsp;Carrillo Gamboa, and 100% attendance by all directors, including
Alfredo Casar P&#233;rez, of the one meeting he was eligible to attend.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We do not have a policy requiring attendance by
directors at the annual meeting of stockholders. Mr.&nbsp;Oscar Gonz&#225;lez Rocha,
our President, chaired the 2006 annual meeting of stockholders.
Messrs.&nbsp;Armando Ortega G&#243;mez, Jaime Fernando Collazo Gonz&#225;lez, J. Eduardo
Gonz&#225;lez F&#233;lix, and Juan Rebolledo Gout attended. The absence of all other
directors was excused.</font></p>

<p style="margin:0in 0in 12.0pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Shareholder Communications with
Directors</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You or other persons wishing to write to our Board of
Directors or a specified director or committee of the Board should send
correspondence to our Secretary at Southern Copper Corporation, 11811 North Tatum Blvd., Suite 2500, Phoenix,
AZ 85028, or at Southern Copper Corporation, Av. Caminos del Inca 171,
Chacarilla del Estanque, Santiago de Surco, Lima-33, Peru.</font></p>


 <p style="margin:24.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All communications so received from you or other
interested parties will be forwarded to the members of the Board of Directors,
or to a specific Board member or committee if so designated by such person.
Anyone who wishes to communicate with a specific Board member or committee
should send instructions asking that the material be forwarded to the director
or to the appropriate committee chairman.</font></p>

<p style="margin:0in 0in 12.0pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;16(a)&nbsp;Beneficial
Ownership Reporting Compliance</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based on our records and other information, we believe
that all filing requirements of the SEC applicable to our executive officers,
directors, and ten percent or more owners were complied with for 2006, except
that Mr.&nbsp;Oscar Gonz&#225;lez Rocha, our President and Chief Executive Officer,
filed one late report covering the acquisition of 200 shares in August 2001.</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">APPROVAL OF PROPOSALS BY STOCKHOLDERS</font></b></p>

<p style="margin:0in 0in 12.0pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The Board of Directors recommends
that you vote FOR the following proposals.</font></b></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PROPOSAL TO ELECT OUR<br>
FOURTEEN DIRECTORS</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors recommends that you vote in
favor of the election of Emilio Carrillo Gamboa, Alfredo Casar P&#233;rez, Jaime
Fernando Collazo Gonz&#225;lez, Xavier Garc&#237;a de Quevedo Topete, Oscar Gonz&#225;lez
Rocha, J. Eduardo Gonz&#225;lez F&#233;lix, Harold S. Handelsman, Germ&#225;n Larrea
Mota-Velasco, Genaro Larrea Mota-Velasco, Armando Ortega G&#243;mez, Luis Miguel
Palomino Bonilla, Gilberto Perezalonso Cifuentes, Juan Rebolledo Gout, and
Carlos Ruiz Sacrist&#225;n as directors of the Company to represent you.</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PROPOSAL TO AMEND OUR BY-LAWS</font></b></p>

<p style="margin:0in 0in 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Summary
of Request for Approval</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You are asked to vote FOR an amendment to our by-laws
that would eliminate provisions that have been made extraneous or inconsistent
with our Certificate as a result of the elimination of our Class&nbsp;A Common
Stock.&#160; The Class A Common Stock was
eliminated on May 19, 2005 when all Class A Common Stock converted on a share-by-share
basis into newly-issued shares of Common Stock.&#160;
If approved, this amendment will conform our by-laws to our Certificate
and eliminate the discrepancy between both texts that exists today.&#160; Shareholder rights are unaffected as a result
of these changes since under Delaware law the provisions of our Certificate
preempt any inconsistent provisions of our by-laws.</font></p>

<p style="margin:0in 0in 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Description
of Amendments</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.02 of our by-laws, which deals with special
meetings of stockholders, provides that holders of at least 10% of the Class A
Common Stock have the right to call a special meeting of stockholders and
upon&#160; conversion of the Class A Common
Stock, a holder of at least 10% of the Common Stock has this right.&#160; The proposed amendment would simplify the
section eliminating the references to the Class A Common Stock.&#160; The right of a holder of at least 10% of the
Common Stock to call a special meeting would remain unchanged.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.02 of our by-laws, which deals with the
number, term of office, and qualifications of directors, contains references to
the two classes of stock, Class A Common Stock and Common Stock, and to the
requirement to have a Board of Directors of fifteen members, one of which is to
be the President.&#160; The proposed amendment
would eliminate the references to the Class A Common Stock and conform the
provisions of this section to our Certificate that provides that the Board may
determine from time to time, by a majority resolution, the number of directors
who will comprise the Board, provided the number is not less than six or more
than fifteen.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.04 of our by-laws, which deals with the
election of directors, contains references to the Class A Common Stock,
including the right of the Class A stockholders to elect thirteen out of the
fifteen directors by a separate class vote.&#160;
The proposed amendment would simplify the section by eliminating the
references to the Class </font></p>


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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Common Stock and conforming it to our Certificate
that provides that all the stockholders now vote as a single class on all
matters submitted to the stockholders, including the election of directors,
with each stockholder being entitled to one vote.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.09 of our by-laws, which deals with the
removal of directors, sets forth the right of the directors elected by the
Class A stockholders to be removed only if concurrently a new director is
elected in accordance with a former stockholder agreement among the founding
stockholders.&#160; Under the proposed
amendment the right of the Common Stockholders holding a majority of outstanding
shares to remove directors for cause or otherwise would remain unchanged.&#160; Once the amendment is approved, the special
provisions for the removal and concurrent reelection of the Class A Common
Stock director will be replaced with the requirement that if a special
independent director elected in accordance with our Certificate is removed a
replacement special independent director must be elected in accordance also
with our Certificate.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finally, the proviso to Section 8.05, which deals with
the amendment to our by-laws, requires an 80% vote to amend the proviso and to
amend Section&nbsp;1.02 of Article&nbsp;I, Sections 2.02, 2.04 and 2.09 of
Article&nbsp;II of our by-laws.&#160; This
proviso was intended to protect the interests of the Class&nbsp;A stockholders
and is no longer necessary for that purpose.</font></p>

<p style="margin:0in 0in 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Effect of
Amendment</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If approved, the amendment would allow us to conform
our by-laws to our stockholder-approved Certificate, and simplify our by-laws
by eliminating extraneous provisions.</font></p>

<p style="margin:0in 0in 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Required Vote and Board Recommendation</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This proposal will be adopted upon the affirmative
vote of 80% of the voting power of all shares of Common Stock entitled to
vote.&#160; The proposed amendment would
become effective immediately if it has been approved by the Common
Stockholders.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board urges you to read carefully the proposed
amendment to our by-laws (which are attached hereto as Appendix A) before
voting on the proposed amendment to our by-laws.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Board of Directors believes that it is in the best
interests of the Company and its stockholders to amend our by-laws as described
above and recommends that you vote FOR the proposal.</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PROPOSAL TO RATIFY THE SELECTION OF
INDEPENDENT ACCOUNTANTS</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PricewaterhouseCoopers S.C. were our independent
accountants continuously from 1962 until 1999. PricewaterhouseCoopers S.C. is a
world-class global auditing firm and is the world&#146;s leading auditing firm for
the mining industry. They have been our independent accountants since 2003. On
January&nbsp;24, 2007, the Audit Committee selected PricewaterhouseCoopers S.C.
as our independent accountants for 2007.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors recommends that you ratify the
selection by the Audit Committee of the Board of Directors of
PricewaterhouseCoopers S.C. as our independent accountants for the calendar
year 2007.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PricewaterhouseCoopers S.C. has advised us that neither
the firm nor any of its members have any direct or material indirect financial
interest in us or our subsidiaries. A representative of PricewaterhouseCoopers
S.C. will be present at the stockholders&#146; meeting. The representative will have
an opportunity to make a statement and will be available to respond to
appropriate questions.</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PROPOSALS AND NOMINATIONS OF
STOCKHOLDERS</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under SEC rules, proposals of stockholders intended to
be presented at our 2008 annual meeting of stockholders must be received by us
at our principal executive office in the United States (11811 North Tatum Blvd., Suite 2500, Phoenix, AZ 85028, USA) by
November 30, 2007 to be considered for inclusion in our proxy statement and
form of proxy.</font></p>


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<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, Section 2.03 of our by-laws, which deals
with Notice of Stockholder Business and Nominations, provides that Common
Stockholders seeking to nominate a director or propose business to be
considered at an annual meeting of stockholders must give written notice to our
Secretary regarding the proposed nominee and/or proposed business to be
considered no less than 90 days nor more than 120 days prior to the first
anniversary of the preceding year&#146;s annual meeting.&#160; Accordingly, your nominations or proposals
intended to be presented at our 2008 annual meeting of stockholders must be
received by us by January 27, 2008 but not before December 28, 2007 (unless the
date of the 2008 annual meeting is advanced by more than 30 days or delayed by
more than 60 days from the first anniversary of the 2007 meeting).</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OTHER INFORMATION</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are not aware of any other matters to be considered
at the meeting. If any other matters properly come before the meeting, the
persons named in the enclosed form of proxy are ratified to and will vote said
proxy in accordance with their judgment on such matters.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The cost of soliciting proxies in the accompanying
form will be borne by us. Georgeson Shareholder Communications&nbsp;Inc. has
been employed to solicit proxies by mail, telephone or personal solicitation
for net fees to be paid by us of $20,000, plus reasonable out-of-pocket
expenses. A number of our regular employees, without additional compensation,
may solicit proxies personally or by mail or telephone.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="72%" valign="top" style="padding:0in .7pt 0in 0in;width:72.78%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="top" style="padding:0in .7pt 0in 0in;width:24.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Southern Copper Corporation</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="72%" valign="top" style="padding:0in .7pt 0in 0in;width:72.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="top" style="padding:0in .7pt 0in 0in;width:24.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Armando Ortega G&#243;mez,</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="72%" valign="top" style="padding:0in .7pt 0in 0in;width:72.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="24%" valign="top" style="padding:0in .7pt 0in 0in;width:24.84%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Secretary</font></i></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="72%" valign="top" style="padding:0in .7pt 0in 0in;width:72.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Phoenix, AZ,
  March&nbsp;29, 2007</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="top" style="padding:0in .7pt 0in 0in;width:24.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


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</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>


<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">APPENDIX A</font></b></p>

<p align="center" style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">[PLEASE NOTE THAT THE NEW TEXT IS
BOLD AND UNDERSCORED, AND THE OLD TEXT IS CROSSED OUT]<br>
EXCERPTED SECTIONS OF THE BY-LAWS</font></b><br>
<b>OF</b><br>
<b>SOUTHERN COPPER CORPORATION</b><br>
<b>(A Delaware Corporation)</b><br>
<b>(As last amended on <u>April&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2007</u>)</b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;1.02.<i>&nbsp;&nbsp;
Special Meetings.&nbsp;&nbsp; </i>Except as provided by
Section&nbsp;211(c)&nbsp;of the General Corporation Law of the State of
Delaware with respect to meetings ordered by the Court of Chancery, special
meetings of the stockholders may be called at any time but only by the Chairman
of the Board, the President, the Board pursuant to a resolution approved by
eight Directors or by a holder of shares representing at least 10% of the then
outstanding number of shares of the Corporation&#146;s <strike>Class&nbsp;A </strike><b><u style="font-weight:bold;">common stock (hereinafter referred to as </u></b>Common
Stock) <strike>(as defined below). In the event that all outstanding shares of
Class&nbsp;A Common Stock shall be converted into shares of Common Stock in
accordance with the provisions of Paragraph 4.9 of the Certificate of
Incorporation, then a holder of shares representing at least 10% of the then
outstanding number of shares of the Corporation&#146;s Common Stock may call a
special meeting of the stockholders</strike>.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.02.<i>&nbsp;&nbsp;
Number, Term of Office and Qualifications.&nbsp;&nbsp; </i>The number of
directors <strike>which shall constitute the entire Board</strike><b><u style="font-weight:bold;">of the Corporation</u></b> shall be <strike>one,
until such</strike>  <b><u style="font-weight:bold;">fixed from time to</u></b>
time <strike>as such sole director shall increase the number of directors. At such
time, the sole director shall increase the number</strike><i>  </i><b><u style="font-weight:bold;">by resolution</u></b>
of <i><strike><font style="font-style:italic;">directors to fifteen</font></strike></i><b><strike><u style="font-weight:bold;">,</u></strike><u>a majority</u></b> of <strike>which one </strike><b><u style="font-weight:bold;">the Board</u></b> of <b><u style="font-weight:bold;">Directors, provided that</u></b> the <b><u style="font-weight:bold;">number of</u></b> directors shall <b><u style="font-weight:bold;">not</u></b> be <strike>the President of the
Corporation. The Certificate of Incorporation designates two series of capital
stock of the Corporation, Common Stock, par value one cent ($0.01) per share
(the &#147;Common Stock&#148;), and Class&nbsp;A Common Stock, par value one cent ($0.01)
per share (the &#147;Class&nbsp;A Common Stock&#148; and, together with the Common Stock,
the &#147;Common Shares&#148;)</strike><b><u style="font-weight:bold;">less than six or
more than fifteen</u></b>. &nbsp;The directors shall be elected annually
at the annual meetings of the stockholders, and each director (whether elected
at any annual meeting or to fill a vacancy or otherwise) shall hold office
until his successor is elected and qualified or until his death or until he
shall resign in the manner provided in Section&nbsp;2.10, or shall have been
removed in the manner provided in Section&nbsp;2.09.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.04.<i>&nbsp;&nbsp;
Election of Directors.</i>&nbsp;&nbsp; At each meeting of the
stockholders for the election of directors, <strike>(i)&nbsp;</strike>the holders of
Common Stock shall be entitled <strike>by class vote, exclusive of all other
stockholders, </strike>to elect the Corporation&#146;s directors, with each share of
Common Stock entitled to one vote, such directors to be elected by a plurality
of the votes cast at such election by the holders of Common Stock entitled to vote<strike>,
and (ii)&nbsp;the holders of Class&nbsp;A Common Stock shall be entitled by
class vote, exclusive of all other stockholders, to elect the remaining
thirteen directors of the Corporation, one of whom shall be the President of
the Corporation. In the event that all outstanding shares of Class&nbsp;A
Common Stock shall be converted into shares of Common Stock (the effective date
of the conversion of the last outstanding share of Class&nbsp;A Common Stock
being the &#147;Total Conversion Date&#148;), then the thirteen members of the Corporation&#146;s
Board of Directors who previously were elected by the holders of the
Class&nbsp;A Common Stock pursuant to this Paragraph 2.04 shall, at the next
annual meeting of stockholders following such Total Conversion Date (or at a
special meeting called after the Total Conversion Date for the purpose of
electing directors), be elected by the holders of Common Stock, with each share
of Common Stock entitled to one vote</strike>.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.09.<i>&nbsp;&nbsp;
Removal of Directors.</i>&nbsp;&nbsp; Any director may be removed at any
time, either for or without cause, by the affirmative vote in person or by
proxy of stockholders holding of record in the aggregate a majority of the
outstanding shares of the class of stock of the Corporation entitled to vote <strike>for
such director, voting as a class</strike>, given at a special meeting of said
stockholders called for that purpose; <i>provided</i>,
however, that with respect to the removal <b><u style="font-weight:bold;">of
special independent directors nominated in accordance with the provisions</u></b>
of <strike>any director elected by the holders</strike><b><u style="font-weight:bold;">the Corporation&#146;s Certificate</u>  </b>of <strike>Class&nbsp;A Common
Stock</strike><b><u style="font-weight:bold;">Incorporation</u></b>, a
replacement <b><u style="font-weight:bold;">special independent</u></b>
director shall be concurrently designated and elected in accordance with the
requirements of <strike>Section&nbsp;2.2</strike><b><u style="font-weight:bold;">the
Corporation&#146;s Certificate</u></b> of <strike>the Stockholders&#146; Agreement</strike><b><u style="font-weight:bold;">Incorporation</u></b>.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;8.05.<i>&nbsp;&nbsp;
Amendments.&nbsp;&nbsp; </i>These By-Laws may be altered or amended at
any meeting of the stockholders (annual or special) at which a quorum is
present, if notice of the proposed alteration or amendment be contained in the
notice of the meeting, by the affirmative vote of the holders of at least a
majority of the voting power of all</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">shares of</font> Common Stock of the Corporation entitled to vote generally in the
election of directors, or at any regular or special meeting of the Board; <i>provided</i>, however, that <strike>Section&nbsp;1.02
of Article&nbsp;I, Sections 2.02, 2.04 and 2.09 of Article&nbsp;II and this
proviso to Section&nbsp;8.05 of Article&nbsp;VIII shall not be altered, amended
or repealed, and no provision inconsistent with such provisions shall be
adopted, except by the affirmative vote of the holders of at least 80% of the
voting power of all Common Shares of the Corporation entitled to vote generally
in the election of directors, voting together as a single class, with each
share of Common Stock entitled to one vote and each share of Class&nbsp;A
Common Stock entitled to five votes; and <i>provided</i>,
further, that </strike>Article&nbsp;IX shall not be altered, amended or repealed,
and no provision inconsistent with its provisions shall be adopted, except in
accordance with the provisions of Section&nbsp;9.17 therein.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>
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<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SOUTHERN COPPER CORPORATION</font></b></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PROXY</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Proxy Solicited by Board of Directors
for Annual Meeting of Stockholders to be Held April 26, 2007.</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned hereby appoints OSCAR GONZ&#193;LEZ ROCHA,
J. EDUARDO GONZ&#193;LEZ F&#201;LIX and ARMANDO ORTEGA GOMEZ, and each of them, with
power of substitution, the proxies of the undersigned to vote all the shares
the undersigned may be entitled to vote at the annual meeting of stockholders
of Southern Copper Corporation, to be held at Baja California 200, Fifth Floor,
Colonia Roma Sur, Mexico City, Mexico, on April 26, 2007, at 9:00 A.M., Mexico
City time, and at any adjournment thereof upon all matters specified in the
notice of said meeting as set forth on the reverse hereof, and upon such other
business as may lawfully come before the meeting.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders of Common Stock, are entitled to elect
fourteen directors at the meeting. Please refer to the Proxy Statement for
details.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PLEASE VOTE ON ALL PROPOSALS, SIGN,
DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED ENVELOPE.</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The shares represented by this proxy
will be voted as directed by the stockholder. If a signed proxy is returned to
the Company with no voting instructions given, such shares will be voted FOR
all nominees for election as directors, and FOR proposals Nos. 2, and 3.</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="58%" valign="top" style="padding:0in .7pt 0in 0in;width:58.56%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><!-- SET mrlNoTableShading -->(Continued on the other
  side.)</p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0in .7pt 0in 0in;width:38.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="58%" valign="top" style="padding:0in .7pt 0in 0in;width:58.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0in .7pt 0in 0in;width:38.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SOUTHERN COPPER CORPORATION</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="58%" valign="top" style="padding:0in .7pt 0in 0in;width:58.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0in .7pt 0in 0in;width:38.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P.O. Box 11179</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="58%" valign="top" style="padding:0in .7pt 0in 0in;width:58.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0in .7pt 0in 0in;width:38.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, N.Y. 10203-0179</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div style="font-family:Times New Roman;">


<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="border:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:6.86%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.76%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="65%" colspan="13" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="11%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.76%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Votes MUST be<br>
  indicated (x) in Black or<br>
  Blue ink.</font></b></p>
  </td>
  <td width="65%" colspan="13" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="19" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="19" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Directors of SCC recommend a vote &#147;For&#148;
  Proposals 1, 2 &amp; 3.</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="19" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.96%;">
  <p style="margin:0pt 0pt .0001pt 7.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font></p>
  </td>
  <td width="15%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Election of<br>
  Directors</font></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.82%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FOR </font></b>all nominees<br>
  listed below</p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="28%" colspan="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.68%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WITHHOLD AUTHORITY </font></b>to<br>
  vote<br>
  for all nominees listed below</p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="15%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">*EXCEPTIONS</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="19" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="19" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt 7.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Stock Director
  Nominees: Emilio Carrillo Gamboa, Alfredo Casar P&#233;rez, Jaime Fernando Collazo
  Gonz&#225;lez, Xavier Garc&#237;a de Quevedo Topete, Oscar Gonz&#225;lez Rocha, J. Eduardo
  Gonz&#225;lez F&#233;lix, Harold S. Handelsman, Germ&#225;n Larrea Mota-Velasco, Genaro
  Larrea Mota-Velasco, Armando Ortega G&#243;mez, Juan Rebolledo Gout, Luis Miguel
  Palomino Bonilla, Gilberto Perezalonso Cifuentes, and Carlos Ruiz Sacrist&#225;n</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="19" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="19" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt 7.2pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(INSTRUCTIONS: To withhold
  authority to vote for either individual nominee, mark the &#147;Exception&#148; box and
  write that nominee&#146;s name in the space provided below.)</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="19" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="19" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt 7.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*Exception:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="19" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="19" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="52%" colspan="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.46%;">
  <p style="margin:0pt 0pt .0001pt 20.2pt;text-indent:-13.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&nbsp;&nbsp;Approve
  an amendment to our by-laws proposing to<br>
  eliminate the provisions that have been made extraneous<br>
  or inconsistent with our Amended and Restated<br>
  Certificate of Incorporation, as amended, as a result of<br>
  the elimination of our Class A Common Stock</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FOR</font></b></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Wingdings" style="font-size:10.0pt;font-weight:bold;">o</font></b></p>
  </td>
  <td width="11%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.94%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AGAINST</font></b></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Wingdings" style="font-size:10.0pt;font-weight:bold;">o</font></b></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.82%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ABSTAIN</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="19" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="52%" colspan="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.46%;">
  <p style="margin:0pt 0pt .0001pt 20.2pt;text-indent:-13.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&nbsp;&nbsp;Ratify
  the Audit Committee&#146;s selection of<br>
  PricewaterhouseCoopers S.C. as independent<br>
  accountants for 2007.</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FOR</font></b></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Wingdings" style="font-size:10.0pt;font-weight:bold;">o</font></b></p>
  </td>
  <td width="11%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.94%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AGAINST</font></b></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Wingdings" style="font-size:10.0pt;font-weight:bold;">o</font></b></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.82%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ABSTAIN</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="19" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="19" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt 20.2pt;text-indent:-13.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&nbsp;&nbsp;In
  their discretion, the proxies are authorized to vote<br>
  upon such other matters as may properly come before<br>
  the meeting.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="19" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="71%" colspan="13" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Address Change</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Comments</font></b></p>
  </td>
  <td width="32%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you have an Address Change, mark<br>
  here.</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="37" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="44" style="border:none;"></td>
  <td width="44" style="border:none;"></td>
  <td width="30" style="border:none;"></td>
  <td width="96" style="border:none;"></td>
  <td width="37" style="border:none;"></td>
  <td width="45" style="border:none;"></td>
  <td width="51" style="border:none;"></td>
  <td width="52" style="border:none;"></td>
  <td width="23" style="border:none;"></td>
  <td width="22" style="border:none;"></td>
  <td width="44" style="border:none;"></td>
  <td width="22" style="border:none;"></td>
  <td width="23" style="border:none;"></td>
  <td width="14" style="border:none;"></td>
  <td width="23" style="border:none;"></td>
  <td width="96" style="border:none;"></td>
  <td width="36" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='',FILE='C:\fc\6632118305_H11163_1821603\6241-1-co.htm',USER='jmsproofassembler',CD='Mar  7 03:21 2007' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">


<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.06%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->If you have any Comments on the reverse side of
  this card,<br>
  mark</p>
  </td>
  <td width="49%" colspan="5" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="64%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:64.4%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">here.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Wingdings">o</font></p>
  </td>
  <td width="35%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:35.6%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please sign exactly as name or names<br>
  appear on this proxy. If stock is held jointly,<br>
  each holder should sign. If signing as<br>
  attorney, trustee, executor, administrator,<br>
  custodian, guardian or corporate officer,<br>
  please give full title.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="80%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:80.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:71.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;</font></p>
  </td>
  <td width="28%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:28.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" style="border:none;font-size:10.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="71%" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:71.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="2" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:28.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" style="border:none;font-size:10.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="71%" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:71.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:28.3%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Share Owner sign
  here</font></p>
  </td>
  <td width="0%" style="border:none;font-size:1.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="71%" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:71.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:28.3%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" style="border:none;font-size:10.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="71%" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:71.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:28.3%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" style="border:none;font-size:10.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="71%" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:71.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="2" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:28.3%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" style="border:none;font-size:10.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="71%" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:71.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:28.3%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Co-Owner sign
  here</font></p>
  </td>
  <td width="0%" style="border:none;font-size:1.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="71%" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:71.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:28.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" style="border:none;font-size:10.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="71%" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:71.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:28.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" style="border:none;font-size:10.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr height="0">
  <td width="374" style="border:none;"></td>
  <td width="107" style="border:none;"></td>
  <td width="54" style="border:none;"></td>
  <td width="65" style="border:none;"></td>
  <td width="147" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='',FILE='C:\fc\6631427928_H11163_1821603\6241-1-cq.htm',USER='jmsproofassembler',CD='Mar  7 03:14 2007' -->


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